In the American Midwest, the rains will spread across the soft red winter wheat fields for the next two days, “significantly improving moisture for implantation” of the crop, Commodity Weather Group said.
Farmers had planted 79% of the US winter wheat crop as of Sunday, said the United States Department of Agriculture.
The rains could also bring a small benefit to the Mississippi River, where low water levels are expected to continue to hamper grain shipments, analysts said. The Commodity Weather Group projected a “slight uptick” in flow in the lower Mississippi River.
Most Active CBOT Wheat Contract yielded 0.5% to US$306.72, but before he fell to his lowest level since September 20.
For its part, November soybean contract rose 0.7% to $507.8 a tonnewhile that of January did so by 0.8% to conclude the day at US$511.56 per ton.
For the same reasons as the oilseed, corn gained 0.7% and stood at US$270.16 per ton.
The fundamentals of the rise lay in rains recorded in producing areas of the United States that could slow down the harvest and, at the same time, improve the flow of the Mississippi Rivervia which the bulk of the threshing of the North American country leaves and is affected by a “historical” downspout.
Source: Ambito
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