The soybean futures Chicago prices plummet this Thursday and all contracts are operating at a loss after the projections for the Brazilian crop were released, after reaching their highest level in several weeks, which was cut by forecasts for the United States crop. Corn and wheat also operate at a loss
May soybean contracts fall 1.5% on the day and are located at 547 dollars, their minimum for the week. It is followed by other contracts with similar falls, with the exception of July 2025, which rises 0.4%.
The agribusiness consultancy Safras & Mercado raised on thursday his estimate for the 2022/2023 soybean crop in Brazil to 155.08 million tons from the 152.43 million tons of a previous forecast.
Safras estimated that the Brazilian farmers have sold 44.3% of its 2022/2023 soybean crop, or 68.8 million tons. This is compared to 59.6% of the five-year average for the same time of the season.
On Wednesday the Government announced a special exchange regime to strengthen the reserves of the central bank. In summary, it launched a new edition of the Export Incentive Program, known as the soybean dollar or agricultural dollar, which will offer $300 for every dollar obtained from the export of oilseeds and their derivatives and some products from regional economies that will be detailed. in the coming days but that already have the support of the peanut, corn, wine, fishing, and tobacco chambers, among others.
This Thursday there are no operations in the local market due to the Easter holiday.
corn contracts They follow it down and lose 1.36% to $253 in the Chicago market. This partly responds to news about Mexico’s attempt to limit purchases of transgenic wheat from the United States, a measure that was supported by some producers in the northern country. For his part, CBOT wheat falls 0.66% to u$s248,
Source: Ambito
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