The price of soybeans fell again in the Chicago market, due to the progress of the Brazilian harvest and poor export performance from the United Stateson a day in which wheat and corn operated unevenly.
The reasons for the decline lay in the advance of the Brazilian harvest, China’s interest in that country’s merchandise and poor weekly exports from the United States.
“The weekly report on US exports was very bad, this time for the segment from January 19 to 25, given that the United States Department of Agriculture (USDA) reported 2023/2024 soybean sales for just 164,500 tons, for below the 560,900 tons of the previous report and the range estimated by the operators, between 500,000 and 1,050,000 tons”they indicated from the Granar Con corridor 134,800 tons.
Its byproducts accompanied beans, with a drop of 1.79% (US$7.28) to US$398.70 per ton in the case of flour, while oil did the same by 0.9% ( US$9.26) to position itself at US$1,005.29 per ton.
Corn: how much it closed at this Thursday, February 1
Corn, meanwhile, lost 0.2% (US$0.39) and stood at US$176.07 per ton, due to the record US supply, which “to be neutralized” there must be “a greater boost in demand, both internal and external.”
In this sense, “the drop in the cattle herd reported yesterday by the USDA was poorly received by the market. The 82.2 million head surveyed by the organization as of January 1 implied a year-on-year decline of 2% and a fifth year consecutive decline. That was read as an eventual lower forage demand,” Granar analysts explained.
Wheat: how much it closed at this Thursday, February 1
Lastly, the wheat rose 1% (US$2.30) and ended the day at US$221.01 per ton, as a consequence of the appreciation of the euro against the dollar, which improves the competitiveness of US cereal.
The March oilseed contract fell 1.5% (US$6.98) to US$442.12 per ton, while the May position fell 1.54% (US$6.98) to position itself at US$445.98 per ton.
Source: Ambito
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