The prices of the main grains began the week with a mixed trend in the Chicago marketthe soy rose, while the wheat he went down and corn It kept stable.
Thus, the March oilseed contract rose 0.7% (US$2.85) up to US$439.55 per tonwhile the position as of May rose 0.5% (US$2.39) to stand at US$442.67 per ton.
“The value of soybeans closed with modest increases in Chicago due to opportunity purchases by speculators and for a good weekly report on the inspection of US shipments“said the runner Seed.
Its byproducts accompanied the beanwith an improvement of 1.2% (US$4.74) until US$398.04 the ton in the case of flourwhile oil did the same by 1.4% (US$13.23) to position itself in US$999.34 per ton.
Chicago market: how much corn and wheat closed at this Monday
He cornMeanwhile, it ended without changes in its March contract, at US$174.30 per ton. Likewise, the positions of May and July ended with slight decreases, while September was stable and December with a slight increase.
“Corn was traded with slight fluctuations in Chicago, where The technical rebound was once again postponed due to the weight of the current record supply in the United Stateswhich must be properly managed so as not to continue raising the already very large level of stocks planned for the end of the campaign,” Granar analysts explained.
“The market will closely follow the weather in South America, return of rain to agricultural areas of Argentina and the rate of sowing of safrinha in Brazil“they added.
Lastly, the wheat fell 1.6% (US$3.49) and ended the day at US$216.88 per ton, as a consequence of the continuity of the devaluation movement of the euro against the dollar, which improves the competitiveness of the European Union’s exports. to the detriment of those of the United States.
Brazilian soybeans: new crop sales estimate fell
The sale of the new soybean crop from Brazil It was estimated at 31.9% of the planned production for the country, 12.6 percentage points below the historical averageThe consulting firm reported on Monday Safras & Market.
Safras attributed the drop in estimates to slow sales as producers expected a market rebound..
“The drop in prices completely stopped negotiations,” he said. Luiz Fernando Roquesoybean analyst at Safras and added: “Farmers have been hoarding soybeans while waiting for better prices that ended up not coming”.
The fall occurred despite the adverse weather conditions in Brazil at the beginning of the seasonwhich spoiled part of the harvest, especially in the most important agricultural state, Mato Grosso.
Brazil is the largest producer and exporter of soybeans in the world.
The fall in international soybean prices reflects the good prospects for Argentina’s harvest
While the weather posed a challenge for Brazilian farmersthe value of reference soybean contracts reflects the good prospects of the Argentine soybean harvest.
According to forecasts, Argentine production could double compared to the previous campaign, in which the harvest was affected by a serious drought.
Despite the delay in soybean sales compared to the historical average, the pace of farmers’ sales is slightly higher than that recorded at this same time last yearor, when 30.5% of the harvest had been sold, according to Safras.
The consulting firm forecasts a production of 151.3 million metric tons of soybeans in the 2023/24 cycle, with a volume already sold estimated at 48.2 million tons.
Source: Ambito
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