The causes of the rise lie in that weather forecasts again spoke of hot and dry conditions in Argentina and southern Brazilafter last week’s rains, while the early harvest in northern Brazil was slowed by rainfall.
Consulting firm StoneX lowered its forecast for Brazil’s corn and soybean harvest on Monday, with oilseed production now forecast at 134.0 million tons from 145.1 million in December, and corn at 117.5 million tons from 120.1 million in December.
Wheat changed sign and closed the day with losses. The ton traded US $ 279.53, 1.2% less than on Tuesday. For its part, corn futures also fell 1.2% and the ton closed at $ 237.09.
Price corrections due to some position closings slow the bullish rally of the yellow bean, which reached a six-month high yesterday.
On the other hand, the expected production record for Argentine corn is beginning to be questioned, limiting losses.
Source From: Ambito
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