Soybean prices rose for the second consecutive day in Chicago on Tuesday, amid strength in the vegetable oil and flour markets. For its part, the Chicago corn futures also advanced due to short covering and doubts about the state of the US crop.
It should be noted that Funds and other market participants closely followed the slow pace of sales of the oilseed crop in Argentina.
In parallel, the condition of the US corn crop deteriorated in the last week, while National soybean ratings held steady after flooding inundated parts of the Midwest northwestgovernment data showed on Monday.
With everything, Profit-taking pushed wheat futures down from the previous session’s one-week high.
Soybeans, corn and wheat: how the contracts closed
The most active corn contract on the Chicago Board of Trade (CBOT) added 0.9% to $158.26 a tonne, after having risen more than 3% in the previous session.
Wheat fell 1.4% to $206.31 a tonne, while soybeans gained 0.5% to $428.06 a tonne.
Corn traders continued to scrutinize last week’s report from the U.S. Department of Agriculture (USDA), as the agency has in recent years overstated corn acres in its June reports.
The USDA reported on Friday that American farmers planted more corn than the government had anticipated in March.news that helped push corn futures to contract lows.
“In seven of the past nine years, USDA has exceeded final June corn planting estimates, averaging 1.1 million,” said Setzer.
Source: Ambito
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