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Wheat collapsed and touched its lowest value in a year and a half

Wheat collapsed and touched its lowest value in a year and a half

the wheat went 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 he reached his lowest price since august and the soy also fell.

Finally, Wheat fell 3.2% (US$7.99) and was positioned at US$244.62 a ton, due to the sale of contracts by the funds and the possibility of an extension of the agreement between Russia and Ukraine to maintain the safe grain corridor through the Black Sea.

The March contract for the oilseed fell 0.4% ($2.48) to $558.50 a tonwhile the May position fell 0.5% (US$2.57) to settle at US$550.70 a ton.

Find out more – I followed the price of the blue dollar, official, CCL and MEP in Argentina

The fundamentals of the drop lay in a bad data for weekly exports from the United Stateswith sales cancellations and the lack of presence of purchases from China, which has “attention focused on the entry of the record harvest from Brazil into the commercial circuit,” explained the broker Granar.

Nevertheless, the losses were limited by the seriousness of the agricultural situation in Argentina due to the drought.

Indeed, on Wednesday, after the United States Department of Agriculture (USDA) cut its forecast for the Argentine soybean crop from 41 to 33 million tonsthe Rosario Stock Exchange (BCR) adjusted its estimate from 34.50 to 27 million, the lowest volume of the last fifteen campaigns.

Today the Buenos Aires Grain Exchange (BCBA) did the same by cutting its crop estimate from 33.50 to 29 million tons.

The price of oil accompanied the drop in beans, with a fall of 3.28% (US$42.33) to US$1,247.13 per ton, while Flour finished the round with gains of 0.10% (US$0.55) to US$549.93 per ton.

For his part, Corn chained its fourth consecutive fall with a decrease of 2.5% (USD 6.30) to settle at USD 243.49 per tonas a result of the increase in US ending stocks projected on Wednesday by the USDA in its monthly report from 32.17 to 34.08 million tons.

In addition, “the certainty that the agreement will be extended to support the flow of agricultural exports from Ukraine through the Black Sea, was a factor of pressure on the grain market,” they said from Granar.

Source: Ambito

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