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Monday, March 27, 2023

Wheat and corn closed the week with losses but soybeans adjusted with a slight rise

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Regarding today’s results, the March contract for the oilseed advanced 0.7% ($3.95) to $562.36 a ton, while the May position increased 0.6% ( US$3.49) and closed at US$558.04 a ton. In the weekly accumulated, the March contract ended with an improvement of 0.1%, while that of May fell 0.03%.

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The foundations of the improvements lay in “the heat wave that affects large agricultural areas of Argentina, where production estimates remain without a floor”, said a report from the consulting firm Granar. On Thursday, the Buenos Aires Grain Exchange reduced the proportion of soybeans in excellent/normal condition from 40 to 33%, compared to 77% at the same time in 2022.

Among soybean by-products, flour marked an advance of 1.79% ($9.70) in its March contract, at $549.05, while the rest of the positions ended with increases. Oil, meanwhile, fell 1.3% (US$17.20) to US$1,336.20 per ton.

For his part, Corn increased 1.2% (US$2.95) and was located at US$254.02 a ton, as a consequence of “the market’s response to the bad environmental conditions in force for crops in Argentina,” explained Granar. Despite today’s improvements, cereal ended the week with a negative balance of 0.73%.

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Finally, The price of the March wheat contract fell 0.8% (US$2.02) to settle at US$255.64 a ton. With today’s records, wheat closed the week with a price cut of 1.8% in relation to the last record of last Friday.

“The pressure on the international market continues to be exerted by the good rhythm of Russian exports, thanks to abundant inventories and the weakness of its currency, and the certain chance that the extension of the agreement that facilitates exports from Ukraine will be approved shortly. “, Granar specified.

Source: Ambito

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