Soybeans pierce US$500 and hit ten-month lows

Soybeans pierce US$500 and hit ten-month lows

The soybean trades down for the second day in a row this Wednesday, May 17, and pierces $500 in the Chicago market. This happens for the Harvest progress in the United States and the global sourcing competition, to which is added the rise of the dollar globally. For his part, wheat and corn also fall.

The value of the oilseed decreased 1.6% to US$493.18 per ton. While the May position increased 1% (US$5.51) and closed at US$554.55 a ton.

In his crop evolution report, USDA reported that US soybean crop progress reach the 49%, above the five-year average. The weak demand for US exports provides pressure additional to prices.

Regarding the contracts of cornthe large Brazilian harvest weakens US exportswhich depresses quotes. To this is added the fast advancing US cropswhich reach 65%, exceeding the five-year average.

For their part, the wheat futures CBOT Winter Soft Fit down due to technical salesaccumulating two casualties in a row, after the WASDE It will show supply cuts and more household consumption of cereal in the United States.

The casualties were limited by the uncertainty around the grain export in the Black Sea.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts