Soybean futures rose 2.8% to $524.78. On the other hand, corn advanced 2.5%, to u$s245.37. Wheat for July advanced 4.7% and ended at US$243.05.
Soybeans marked a strong rise this Thursday June 15 and reached maximums of more than a month, this happened due to the impulse of the Drought affecting producing areas of the United States and by problems with wheat shipments in the Black Seaproduct of conflict between Russia and Ukraine.
The July contract the oilseed rose 2.8%or $14.70, up to $524.78 the ton, while the August position advanced 3.79%, or $18.37, to position at the end of the day at $502.84 the ton.
He cornmeanwhile, gained 2.5%, or $6.10, and was ranked in $245.37 the ton, as a consequence, like soybeans, of a increase in the area affected by drought in the United States: The USDA raised today from 45% to 57% the proportion of soils covered with the cereal that experiences some level of drought.
Lastly, the wheat climbed 4.7%, or $11.48 and the session ended at u$s243.05 a ton, as a result of “a senior Cargill executive noted today that the shipments from the Black Sea are shrinking due to doubts with the continuity of the Ukraine grain agreement”, stated the Rosario Stock Exchange (BCR).
“This increased the strong uncertainty of the market and boosted wheat prices by more than 4% today,” added analysts from the stock exchange.
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The fundamentals of the rise settled in the increase in area under drought conditions in the major US agricultural areasfor which no signs of relief in weather forecasts of the coming weeks.
Based on the new US drought monitoring map, the Department of Agriculture (USDA) raised, this Thursday, from 39% to 51% the proportion of Soils covered with soybeans experiencing some level of drought.
Sumo bullish pressure he new cutout made by the Rosario Stock Exchange (BCR) in the production estimate in Argentina from 21.5 to 20.5 million tons.
He oil accompanied the bean with a jump of 4.41% ($54.45) until US$1,288.14 a tonwhile flour rose 1.15% (US$4.96) and closed at US$434.52 a ton.
Source: Ambito
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