Argentine farmers. They said on Monday that the government’s decision to improve the exchange rate for soybeans exported in September is a “patch” temporary that will probably boost the sales of the harvest during the month, but that does not solve the root problems.
Meanwhile, corn futures riseunderpinned by concerns about a short crop in the US Midwest, while wheat futures fell after recent rains increased soil moisture ahead of winter crop planting.
Soybeans on the Chicago Board of Trade (CBOT) are on track for their fifth drop in six sessions. Expectations of a record US production have acted as an anchor on prices as farmers prepare for the harvest.
“An increase in soybean sales from the Argentine producer in the coming days could be negative for soybean futures on the CBOT, but we will have to see how producers react to the ‘soybean dollar’ in the coming days,” Terry said. Reilly, a senior commodity analyst at Futures International in Chicago.
The market will get an update on field conditions from the US Department of Agriculture’s Crop Progress Report later on Tuesday, before the agency updates its monthly supply and demand forecasts on Monday.
Early favorable projections for the next soybean and corn harvests in Brazil also limited prices in the United States.
Source: Ambito
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