In the session, The oilseed extended Monday’s losses after falling to its lowest level in more than a weeksince a China’s unexpected interest rate cut fueled concerns about faltering growth in the world’s largest soybean importer.
As for the weather forecastsa, Rain for this week in the dry parts of the western US corn-soybean belt put pressure on markets, even though crop conditions declined last week, the US Department of Agriculture reported. (USDA).
The weather concerns in Europe they have also been tempered by showers and cooler temperatures this week, which could bring late relief to maize crops.
Supply fears related to Russia’s invasion of Ukrainea have also been relieved by the first grain shipments under an international agreement.
A first Africa-bound shipment since the Russian invasion left Ukraine on Tuesday, and the country’s deputy infrastructure minister said it could export 3 million tonnes of grain from its ports in September.
“The flows out of Ukraine, even if small … are bearish for the market,” said Joe Davis, director of commodity sales at Futures International.
Source: Ambito
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