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Dollar and reserves alert: soybeans plunged to almost four-year lows

Dollar and reserves alert: soybeans plunged to almost four-year lows
Dollar and reserves alert: soybeans plunged to almost four-year lows

Soybeans fell 1.8% to US$419.33 per tonne, the lowest since November 2020. In fact, over the last three days they have fallen by 4.6%.

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The soybean futures fell by Third consecutive day this Wednesday in Chicago and they played its lowest level in almost four years, in the face of expectations of increased production of the oilseed in the United States.

The soy fell by 1.8%, to US$419.33 the ton, the lowest since November 2020. In fact, in the last three days it has accumulated a decline of 4.6%.

At the same time, Corn added 0.7% to $158.76, while wheat fell 2% to $199.70.

European Union soybean imports in the 2023/24 crop year that started in July had reached 13.08 million metric tons as of June 30, up from 13.07 million tons a year earlier, data released by the European Commission showed on Tuesday.

For its part, the prices of Wheat prices remained under pressure as demand remains quite weak and initial forecasts from Russia indicate better yields in the south, a market source said.

European Union soft wheat exports since the start of the 2023/24 season in July had reached 31.00 million metric tons by June 30, compared to 31.60 million a year earlier, according to data from the European Commission.

France’s main wheat crop is expected to fall by 15% this year, to its lowest level since 2020after months of heavy rains reduced planting and hurt yield potential in the EU’s top exporter of the grain, the country’s agriculture ministry said on Tuesday.

Source: Ambito

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