The price of soybeans fell again on the Chicago Market and the most traded contract, the CBOT, closed below US$350.
Soybeans suffered a sharp drop on the Chicago Market influenced by positive reports from the Pro Farmer tour. Data provided by scouts revealed that the soybean pod count in the state of Illinois is the highest recorded on the tour since 2000, which raised expectations of a bumper harvest and put downward pressure on grain prices.
The price of soybeans thus registered its third consecutive fall on the Chicago Market, and the most traded contract, the CBOT, closed below US$350.
At the international level, Wheat closed the day with losses, affected by the pressure of low prices for supplies from the Black Sea region. In addition, a stronger dollar reduced the competitiveness of US grains on the global market, intensifying the fall in wheat prices.
The tonne of wheat lost 1.7% in the Chicago Market and the most traded contract, the CBOT, closed at US$187.76.
Corn contracts also experienced a declinedriven by favorable results from the crop tour in the US Midwest. These good results reinforced expectations of a record harvest in the country, leading to a drop in cereal prices.
The ton of wheat and corn lost 1.1% in the Chicago Market and the most traded contract, the CBOT, closed at US$146.26.
Source: Ambito
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