The fundamentals of the rise were in the cut in the estimate of grain production in the United States by the USDA.
According to the agricultural portfolio, the oilseed production would reach 120.4 million tons, 600,000 tons less than expected in October and below the 122 million tons estimated by operators prior to the publication of the report.
Its by-products also capped the session with hikes: flour gained 3.2% (US $ 11.79) and ended the day at US $ 377.53 per ton, while oil advanced 0.7% (US $ 9.26) up to US $ 1,289.02 per ton.
For its part, corn improved 0.6% (US $ 1.28) and stood at US $ 218.40 per ton, as a result of the decrease in the estimate of stocks at the end of the season in the North American country, due to a higher domestic consumption of yellow grains, mainly due to a increased use for ethanol production, which boosted prices.
Finally, wheat increased 1.4% (US $ 3.86) and stood at US $ 286.05 per ton, due to a cut in global stocks, in conjunction with the forecast that there will be an increase in the International Trade.
Source From: Ambito
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