Persistent concern about the delay in Brazil’s sowing due to drought conditions in the north and water excess in the south make the production outlook difficult.
The soy reached two-month highs this Wednesday, November 8, after the United States Department of Agriculture confirmed that China had booked its largest single-day purchases of US soybeans since at least late July.
The soybean futures They advance 0.8% to $499.43 a ton, after touching 502.09 and reaching highs since September 11. Meanwhile, the contract of wheat rises 3.5% to $217.15 per ton. He corn rises 1.4% to US$187.
He United States Department of Agriculture (USDA) confirmed private sales of 433,000 tons of US soybeans to Chinaanother 132,000 tons to unknown destinations and 344,500 tons of soybeans also to unknown destinations, all for delivery in the 2023/24 campaign that began on September 1.
Brazil’s weather forecast for November does not show a significant change in overall conditions, as scattered rains in the central-northern areas and downpours in the south are likely to affect the country’s soybean yields and production in 2024.
Forecasts in Argentina
The rains of recent weeks were favorable for the soy and the corn of Argentina, allowing farmers to begin the tasks of implantation of the oilseed and improving the condition of the plots planted with the cerealsaid the Rosario Stock Exchange (BCR).
The Rosary Bag maintained its harvest estimates for both crops at 50 million tons for the soybeans 23/24 and 56 million tons for 23/24 corn.
Argentina is one of the world’s two main exporters of soybean oil and meal, and the third of corn.
Meanwhile, the production of wheat Argentina would be barely larger than that of the 2022/23 season, of 11.5 million tons according to the BCRwhich was hit by the worst drought in the country’s official records.
The last campaign of wheat that was not affected by the lack of rain in Argentina was the 21/22 season, which gave a harvest of 23 million tons.
Source: Ambito
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