Good for Argentina: Soybeans soar more than 2% in Chicago and hit nearly two-month highs

Good for Argentina: Soybeans soar more than 2% in Chicago and hit nearly two-month highs

September 23, 2024 – 14:11

Bad weather forecasts in Brazil, as well as active demand and the Federal Reserve’s rate cuts, are pushing grain prices up.

The Soybeans soar 2.2% in ChicagoThis Monday, September 23, while the corn and the wheat climb to 2.6%. Grain prices are under pressure from the high demand expectedadverse weather conditions in Argentina and Brazilas well as the influence of lowering of rates of the Federal Reserve.

The soy scale 2.2% in Chicago to US$380.11 per tonne, while the corn climbs 2.6% to $162.40 per tonne. The wheat advances 2.4% to US$213.94.

According to Agrofyat this time of year the grains should be falling or weaker. However, adverse weather in both Argentina as in Brazilwhich continue to be very dry, generate expectations that the supply will be reduced. This, added to the Growing demand from Chinawhich is the world’s largest importer of soybeans, is driving up prices.

“To understand the movement, we must see that speculators had anticipated the decline with a very large short position, especially in soybeans, from which they are now taking profits. They bought on the rumor and are selling on the data, while changing fundamentals the following year,” he says. Dante Romanoprofessor and researcher at the Center for Agribusiness and Food at the Universidad Austral and fyo specialist.

News in development.-

Source: Ambito

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