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Soybeans fell again near a two-year low due to climatic improvements that favor production

Soybeans fell again near a two-year low due to climatic improvements that favor production

The March contract of the oilseed fell 1.75% (US$7.9) to US$443 per ton, while the May contract fell 1.63% (US$7.4) to conclude operations au $447.6 per ton.

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The price of the soy fell hard again into the Chicago market pressured by the good weather conditions for production in Argentina and part of Brazil, in a day in which wheat and corn marked ups and downs.

The March contract of the oilseed fell 1.75% (US$7.9) to US$443 per ton, while the May contract fell 1.63% (US$7.4) to conclude operations au $447.6 per ton.

The reasons for the decline lay in the good productive conditions of Argentina with abundant rains over key agricultural areas in recent days, new precipitation forecasts for regions affected by water deficit in Brazil and the calm of Chinese demand, analysts from the Granar brokerage pointed out.

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There are new precipitation forecasts that favor the harvest

There are new precipitation forecasts that favor the harvest

Depositphotos

Grain market: the price of soybean meal, corn and wheat

The Soybean flour accompanied the bean with a fall of 3.35% (US$13.7) to US$395.4 per ton, while oil rose 0.95% (US$9.9) to close at US$1,051 .6 a ton.

Corn, meanwhile, lost 0.29% (US$0.5) and stood at US$174.1 per ton, as a result of the record corn supply American and good Argentine prospects.

Lastly, the wheat It rose 0.09% (US$ 0.2) and was positioned at US$ 214 per ton, although the rest of the positions ended with a negative sign in their prices.

“With a majority of casualties they closed the wheat prices in the US market, where after a brief rise in prices to the mid-range, the funds once again occupied a selling place in the face of the lack of demand for grain from the United States and the firmness that the dollar has been showing against the euro, which constitutes another obstacle for the exporters’ objectives,” they said from Granar.

Source: Ambito

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