Soybeans extended their bullish rally this Friday June 16th and hit highs in almost two months. That way, closed a positive week that, thanks to the drought that affects the United States, allowed to cut the casualties of the last weeks.
So, during the week price of the soybean improved by 5.77%the one of corn 5.96% and the one of wheat 9.16%.
Meanwhile, the contract of July the oilseed rose 2.67% ($14.05) up to US$538.85 a ton during the day, while August did the same for 2.84% (U$S14.33) to conclude the day at $517.17 the ton.
The basics of the rise settled in the lack of rains affecting productive areas of the United Stateswhich led to the large speculative funds turning to the purchase of oilseed contracts.
With extended forecasts that brought no signs of relief important for the remainder of June, the upward trend was accentuated during the weekpointed out the specialists of the Granar brokerage.
It is worth remembering that last Thursday the United States Department of Agriculture (USDA) increased from 39% to 51% the proportion of soils covered with soybeans experiencing some level of drought.
“Traders did not rule out today the possibility that next Tuesday the USDA will again reduce the ratio of good/excellent soybeans from 59%. weighted last Monday in its weekly report,” the Granar analysts added.
Its by-products accompanied the upward trend of the beanwith a jump of 5.63% ($24.47) to $458.99 a ton, while oil gained 2.15% (u$s27.78) to position itself in US$1,315.92 a ton.
For his part, he cornMeanwhile, it improved 2.72% (US$ 6.69) and closed at US$ 252.02 a ton.
Also, the USDA raised the proportion of soils covered with corn experiencing some level of drought from 45% to 57%a figure far from the 17% in force a year ago.
It also contributed to the bullish tone of this grain the lack of moisture in maize-producing areas of the European Union.
Finally, the wheat climbed 4% (US$ 9.74) and settled at US$ 252.80 per ton, as a result of rains recorded in areas of the United States where the winter harvest should advance, such as areas of Kansas and Oklahoma, and dry weather that affects countries of the European Union and spring-producing regions of Russia, explained from the broker.
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.
