Wheat goes down this Thursday March 9th and register your minimum in 18 months due to low demand for US exports. In that sense, the corn in Chicago reaches its lowest price since august and the soy also falls.
The prices of wheat decreased by 2.69%until $245.99. He corn falls 1.85%reaching a price of $245.27. For its part, the price per ton of soy to $558.95marking a drop in 0.36%.
The fall in the price of grains is driven by the More Favorable Weather Outlook for the US Crop Seasonafter predictions that El Niño phenomenon could arrive in the boreal summer.
“There is a belief that La Nina is coming to an end and? our growing conditions in the Midwest may be under El Niño conditions, which are favorable for growth,” said Don Roose of US Commodities.
The phenomenon of The boy it’s a warming temperatures of the ocean surface in the eastern and central Pacific, which sometimes pcauses droughts or excessive rainfall that can boost crops.
The price drop deepened after the monthly publication last wednesday from the United States Department of Agriculture (USDA), which estimated a higher-than-expected domestic supply. “It’s kind of a hangover from yesterday,” Roose noted. “Technically, we had some sales and that has carried over to today,” she added.
Besides, the brazilian agency for statistics and food supply, Conab, raised its estimate of the corn cropeasing concerns about the Argentine crop, affected by the drought.
In that framework, soybean went downoffsetting earlier gains derived from a further reduction of Argentine crop estimatesalso devastated by the weather situation.
the market of wheat American was seen pressured by competition from Russian exports and the expectations that the Ukrainian grain corridor will expand beyond this month, which would increase the available world supply. However, the kremlin said this Thursday that “many questions” remain about deal grain from the Black Sea.
In it soybean marketthe Bag of Rosario Cereals trimmed last wednesday his forecasts for the 2022/23 harvestplacing them in the lowest level so far this century and warning of future cutsas the country’s main agricultural region is battling drought.
Source: Ambito
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