The main reason that motivated the rise was the technical purchases of the speculative funds “depending on the readjustment of the investors’ positions after the sales of the previous days”, explained the broker Granar.
Also, the forecasts made their contribution to the rises since they predicted rains higher than the normal marks for the next 6 to 14 days over the South of the United States, where harvesting takes its first steps.
A rally in global stocks failed but the dollar fell after data showed the US labor market is starting to loosen.
Traders also adjusted positions ahead of the Agriculture Department’s monthly supply/ask reports on September 12.
Some private analysts have revised down their 2022 US corn yield estimates in recent days, fueling expectations that the USDA could do the same in its next reports.
Along with the concerns about a global recession, Grain prices came under pressure earlier this week from increased shipments from Ukraine, under a maritime deal, and competitive Russian wheat export prices.
The United Nations food agency’s world price index fell for the fifth consecutive month in August, beyond the record highs reached earlier this year, as the resumption of grain exports from Ukrainian ports helped improve supply prospects.
Nevertheless, Ukraine is also facing a drop in wheat planting for next year’s harvest, and the country’s Agrarian Council warned Thursday that the area may fall between 30% and 40%.
Source: Ambito
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