The fundamentals of the rise lay in the good data for US weekly exports and the presence of Chinese demand on the day.
According to the Department of Agriculture (USDA), last week the North American country dispatched 1,145,700 tons, above the 986,200 tons of the previous report and close to the maximum forecast by private companies, of between 600,000 and 1,200,000 tons.
Also, on the day there was a new sale of soybeans to China, for 106,000 tons, from the 2023/2024 campaign, indicated the broker Granar.
Its by-products accompanied the beans, with a 2.5% jump in flour to US$525.90 per ton, while oil did the same by 0.4% to settle at US$1,340.17 per ton. ton.
The corn, for his part, advanced 1.1% and settled at US$268.69 a tonproduct of the dry climate in the south of Brazil that would partly cut the harvest and the appreciation of the real, which adds competitiveness to the North American cereal.
By last, wheat rose 1.51% and was positioned at US$276.50 a ton, as a consequence of “a good report of external sales, according to the competitiveness gained by the American grain”.
There were also growing tensions in the Black Sea area, due to the greater involvement of Germany, England and the United States after sending state-of-the-art tanks to support the Ukrainian side of the trenches in the war with Russia, Granar analysts indicated.
Source: Ambito
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