Corn, meanwhile, gained 3.4% as a result of purchases by the funds after the losses of the previous days. Soybeans and wheat fell in the Chicago Market.
The price of soybeans fell in the Chicago market due to profit taking by investment funds, while cereals closed again with a mixed balance. While corn shot up almost 4% due to the lack of rain.
The July contract for the oilseed fell 1.4% ($7.90) to $560.62 a tonat the same time that the one in August did so by 14% (u$s7.53) to position itself in u$s532.14 a ton.
The fundamentals of the decline lay in profit-taking by speculative funds after the latest increases in contractswhile “an argument of the agricultural market was the recomposition, although very partial, of the water balance in the United States, thinking that for soybeans the key month in terms of defining yields is August,” they indicated from the Granar brokerage.
Its by-products followed the bean trend, with a decline in Oil fell 3.8% (US$57.98) to US$1,453.92 a ton, while flour lost 0.6% (US$2.54) to settle at US$458.11 a ton .
Corn, meanwhile, gained 3.4% (US$7.28) and closed at US$223.12 a tonproduct of purchases by the funds after the losses of the previous days.
In addition to the technical issues handled by speculators, “the lack of relevant rains today, almost the only exception in the soybean/corn belt is Illinois, as noted in the soybean space encouraged the buying movement,” they said from Granar.
Finally, Wheat advanced 2.3% (US$5.51) and settled at US$237.73 a tonas a consequence of the “aggressive rhythm of external sales” of Russia, in the first days of its 2023/2024 commercial cycle, supported by abundant inventories bequeathed by the record 2022/2023 campaign and the devaluation of the ruble, which is encouraging greater rate of sales by farmers.
Source: Ambito
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