The price of soybeans fell sharply again this Thursday, March 23 in the Chicago market, for bad US export data and the record crop income from Brazil to the commercial circuit, which caused the bean to fall more than US$10 and soybean oil $54.4 compared to Wednesday’s close.
He may contract of the oilseed fell 2% ($10.66) at $521.58 a ton, while the position in July fell 1.85% (US$9.74) to settle at US$513.86 a ton.
The basics of the low settled in the strong presence of Brazilian soybeans in the commercial circuitwhose export potential could reach record 90 million tons.
That volume is considered “sufficient to supply Chinawhich today only seems to have eyes for Brazilian grain, and even for diverting a record volume to Argentina, which will need a lot of grain so that the factories can at least partially compensate for the failure of their own harvest,” said a report of the broker Granar.
This situation generated the lack of interest on the part of China in North American merchandisewhich closed a week with a bad export performancewhich increased the casualties.
He United States Department of Agriculture (USDA) relieved this thursday soybean sales 2022/2023 for 152,500 tons, below the 665,000 tons of the previous report and the range foreseen by the operators, which was from 400,000 to 900,000 tons, pointed out from Granar.
Soybean by-products accompanied the beanwith a oil price crash of the 4.52% (US$54.45) to US$1,150.13 per ton, while flour fell 2.94% (US$14.66) to settle at US$483.13 per ton.
On the other hand, the price of corn fell 0.27% (US$0.69) and closed at US$248.71 per ton, as a result of an improvement in the water balance due to rains in the main producing region of the United States, waiting for a planting that is expected to exceed the previous one. and the devaluation of the real against the dollar, which provides “competitiveness to Brazilian exports” to the detriment of the United States.
Finally, wheat fell 0.22% (US$0.55) and was positioned at US$243.24 a ton, due to bad US weekly export data below what was expected by the market.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
