“The time for concern about the South American crop has arrived and it will become a major factor as we move into the new year.”, dijo Tomm Pfitzenmaier, analista de Summit Commodity Brokerage.
For its part, wheat rose 2.5% to US $ 293.12. “Crop stress in southern Brazil encompasses about a third of soybeans and corn, Commodity Weather Group said. Less than 10% of Argentina’s corn and soybeans are under stress,” said the forecaster.
Corn grows 1.1% and is priced at u $ s235.23 per ton. “Little humidity is expected in southern Brazil or Argentina in the next 10 days,” said Joel Karlin, market analyst at Western Milling. “Arid conditions will persist with heat build-up,” he said.
The rebound in crude prices contributed to the gains in agricultural markets as investors’ appetite for risk improved, traders said. Corn is tied to oil prices because the grain is used to make ethanol.
“Corn and soybeans continue to be supported by strong margins for ethanol production and for soybean processing, along with limited sales from farmers.“Karlin said.
Source From: Ambito
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