Oilseeds fell 3.6% to US$395.91 per tonne, but corn and wheat also fell sharply. Corn fell 2.9% to US$155.31 per tonne and wheat fell 2.7% to US$192.35 per tonne.
He Soybean prices collapsed on Friday in the Chicago market and broke the US$400 per ton, since The forecasts for hot and dry weather in the US Midwest lost the consistency that supported commodities earlier in the week.
The oilseed fell 3.6% to US$395.91 the ton, but they also dropped sharply corn and wheat. The former fell 2.9% to US$155.31 the ton and the wheat low 2.7% to US$192.35 the ton.
The Commodity Weather Group said Thursday that Up to 20% of the U.S. corn crop could be stressed in the next two weeks, but more rain is now forecast across the country’s growing belts next week, welcome news for corn and soybeans.
“At the moment, we lack a definable meteorological history,” said Terry Linn of Linn & Associates. “At the same time, we have seen some cash movement which has helped to slow the rise.”
Wheat fell again as good prospects for US spring wheat and cheap prices from Black Sea exporters offset the impact of rains that delayed and damaged crops in the western European Union.
In wheat, Linn said favorable U.S. crop prospects, including record yield projections from North Dakota’s annual spring wheat tour, pressured the market. This is the first year in several that we have not had a major drought and that is reflected in these yield expectations,” he added.
Source: Ambito
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