The local operator Granar attributed the “structural firmness of the wheat market” to a demand that “remains solid, despite having to pay more and more, and to a supply that is finite this season.”
According to the analysis, the three most powerful producers on the planet (Canada, Russia and the United States) saw their harvests fall, to which was added an expected higher demand, according to the latest report from the USDA (United States Department of Agriculture).
Regarding the prospects for the Argentine wheat harvest 2021-22, last week the BCR reduced its estimate from 20.7 to 20.4 million tons, due to the heat and lack of water that hit the province in particular. from Buenos Aires, and due to the drop in expected yields in Córdoba and Santa Fe.
Anyway, the new estimate “It continues to be a record, surpassing by almost one million tons the previous highest mark, which was achieved in the 2019/2020 cycle”, indicated the entity.
The ton of soy rises 0.62% trading at $ 460.02, the highest in a month and a half. The oilseed is held higher by higher soymeal futures linked to technical purchases, strong demand for the protein-rich food ingredient and logistical obstacles, traders said.
Lastly, corn fell 0.39% to $ 226.37. Futures “fall slightly in their closest positions due to profit taking,” concluded the BCR.
Source From: Ambito
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