For his part, the corn gained 0.7% and positioned himself in u$s242.11 per ton, due to cuts in private production estimates, indicated the BCR, although the greater stocks of ethanol in the United States discouraged a greater rise in the reference position.
Lastly, the wheat lost 2.9% and ended the session $280.45 per ton, as a result of the “cautious restart of shipments from Ukraine that seem to be beginning to pick up pace,” the BCR said.
The The fundamentals of the rise were based on technical purchases and “rumors about new purchases that China would have made in the Gulf areasomething that operators will expect to see confirmed in the coming days,” grain broker Granar said.
Also, expectations of a lower yield in the US crop boosted pricesalthough new rains in productive areas of the North American country put limits on the rise.
Not satisfied with this, “Russian wheat exports continue to be underpinned by optimistic production forecasts, aspiring to the largest volume of foreign trade in history, which deepens the falls.”
In this framework, the consulting firm Sovecon increased its estimate of the Russian wheat harvest from 90.9 to 94.7 million tons, in addition to increasing the official estimate of the Indian wheat crop by 430,000 tons to 107 million tons.
In the session, the oilseed rises 1% to u$s539.57and the corn rises 0.5% to $241.63. Instead, the wheat falls 2.3% to US$282.46.
The day before, the drop in commodities was accelerated by greater beneficial rains for the crop in productive areas of the United States “necessary for the efficient development of the crop”, indicated the Rosario Stock Exchange (BCR).
Likewise, a cut in the interest rate by China, “enhanced the bearish effect” as this action “stoked concerns about faltering growth in the world’s largest soybean importer”said the BCR.
Source: Ambito
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