Soybeans extend bullish rally this Friday, June 16 and hits the highest in almost two months. This is taking place in the context of a climate risk situation that continues to support oilseed prices and with robust data on domestic milling in the US that also stimulates its value.
The oilseed rises 2.3% until the $537.18 the ton. He cornMeanwhile, it appreciates 1.3% and the ton reaches US$248.62. Lastly, the wheat climbs 4.1%, to $253.53 the ton.
Weather risk continues to support prices. The forecasts continue with little rain for the next few days in drought areas and operators cover before the weekend. It is feared that the production prospects proposed by the United States Department of Agriculture (USDA) will not be achieved. In addition, robust domestic milling data in the US add to price stimulus, along with rally in vegetable oils.
As for the cornconcern about the future climate in the US suggests advances in prices. Increased areas under drought and the rains would not accompany favorably in the short term.
Meanwhile, the recent dollar weakening and prospects for drought in EuropeThey support the values. uncertainty and fear for the future of the Black Sea dealadd bullish sentiment.
The three grains also advanced last Thursday. In that case, 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.
In addition, it added 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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