Grain prices today registered increases in the Chicago market, as a result of negative conditions for crops in producing areas of the United States and by the buying actions of speculative funds.
The July oilseed contract rose 2.03% (US$ 12.22) to US$ 611.32 a ton, while the August position advanced 1.76% (US$ 9.92) to conclude the day at US$ 571.92 a ton.
The fundamentals of the rise lay in a worsening in the state of the crop in the United States and the relaxation of restrictive measures in China due to the Covid-19 outbreak.
The United States Department of Agriculture (USDA) today reduced the excellent to good condition of soybeans by 3 percentage points to cover 65% of the planted area.
In addition to the opening of China, the improvement in crude oil prices added upward pressure.
Soybean by-products accompanied the rise in beans, with an increase in the price of oil of 1.79% (US$28) to US$1,589.29 per ton, while flour rose 2.80% (US$28). $13.67) to conclude the day at US$501.65 per ton.
For its part, corn climbed 2.04% (US$ 6) and closed at US$ 299 per ton, also due to a deterioration in the state of the crop.
According to the USDA, the good to excellent cereal represents 67% of the area planted in the United States, 3 points below yesterday’s measurement.
Lastly, wheat 1.90% (US$ 6.34) and ended the session at US$ 338.5 a ton, due to “the coverage of short positions and opportunity purchases, after the market was located in red in three consecutive sessions”, explained the Rosario Stock Exchange (BCR).
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