The foundations of the improvements lay in “a new day of technical purchases” and in the good dynamism of US exporters, said a report from the Rosario Stock Exchange (BCR). “The Argentine drought and the productive cut of the Grain Exchange of Buenos Aires contribute to the positive terrain of the bean,” added the BCR.
“I think we got too cheap too quickly and we’re seeing a technical recovery” in soybeanssaid Scott Harms, an agricultural risk specialist at Archer Financial Services.
For his part, corn fell 0.4% (US$1.08) and settled at US$251.07 a ton, due to the fact that the American demand is very cut. “However, doubts about the continuity of grain exports from Ukraine limits losses and leaves gains in more deferred positions,” the BCR added in this regard.
Lastly, the price of the March contract Wheat grew 0.6% (u4s1.56) to settle at u$s257.67 a ton.
“‘The West is shamelessly burying’ the trade agreement to export grains from Ukraine, Russian Foreign Minister Sergei Lavrov said today, which brings uncertainty about the continuity of Ukrainian exports and props up prices,” explained the BCR.
And he added that “this occurs in a framework where improvements are expected in the Ukrainian harvest, which would see the logistics of limiting or finalizing the agreement as complex.”
Source: Ambito
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