The oilseed falls 1.7% to US$448.17, while the wheat it does so by 0.4% to US$224.04. For his part, the corn decreases 0.8% to $177.26.
Corn reached its lowest level in three years last week and soybeans hit their lowest level in two years.
Soybeans: what is the forecast in growing areas?
Meanwhile, a Stressful heat in the growing areas of Argentinawhich is heading toward a bumper crop, and market players continue to debate the size of Brazil’s developing corn and soybean crops.
“The size of the Brazilian harvest is unknown, and in Argentina the first dry and hot period of the season is approaching,” he said. Tom Fritzpartner at EFG Group in Chicago.
Forecasters expect lower output from Brazil’s second corn cropreflecting a smaller planted area.
The agricultural consultant Sovecon raised its forecast for Russia’s 2024 wheat crop to 92.2 million tonnes, up from 91.3 million in December, not far from the 92.8 million tonnes harvested last year.
Soybeans: why does the producer decide not to sell?
“For some time now, soybeans have remained around US$350 in May and corn at US$250 in April. Today with oilseeds it is $285 and corn is $170, which is why the producer does not want to sell, due to the drop in prices.“explained the economist Salvador Di Stefano.
Likewise, he explained that even though the Government accelerates the price of the dollar, reluctance in the liquidation will remain. “We cannot continue with a differential exchange rate: we have an exporting dollar at $920 and an importing dollar at $980 and we have to subtract the withholdings from the soybean,” he noted.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
