Traders also focused on the adverse weather for crops in Argentina and squared positions ahead of a three-day weekend, with US markets closed Monday for the Martin Luther King Jr. Day holiday. “It’s a bit of Thursday follow-up buying and it’s a bit of positioning ahead of the long weekend,” said Craig Turner, a grain broker with StoneX.
Rains are expected in parts of Argentina over the next two weeks, but much of its corn and soybean crops will continue to be stressed by the country’s worst drought in 60 years.the forecasters said.
For his part, Corn gained 0.6% (US$1.6) and settled at US$265.74 a ton, as a consequence of the lack of rains in Argentina that affects the crop and the weakness of the dollar, which added competitiveness to the American cereal.
By last, Wheat advanced 0.1% (US$0.37) and settled at US$273.28 a ton, due to the poor state of the crop in the US agricultural belt, explained the Rosario Stock Exchange (BCR).
Source: Ambito
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