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The wheat closed the last wheel of the week with Profits in the Chicago market (CBOT) and hit two-week highs underpinned by a strong global demand. During the session, several open offers to buy from importing countries were registered, while -on the supply side- production in the northern hemisphere has turned out to be lower than expected, which gave support to prices. However, the expectation of a high wheat production in Australia eases the increases.
US wheat ended the day with ups and downs. The increases were reflected on the Chicago slates (December closed at U $ S 265.92 / tn) and constituted the third consecutive, while the losses, very slight, affected the Kansas market (which closed for December at U$S 264.46/tn) which foresees a good advance of the winter sowings during the weekend. In both cases, the week ended with a positive balance.
Slight drops for future corn
The advance of the harvest in the North American country put downward pressure on prices and corn futures ended slightly lower. However, many producers are saving part of their harvest in anticipation of better prices, which supports the market and limits declines. In addition, supply remains structurally adjusted with respect to demand projections, which also supports prices.
Corn prices ended the day in decline, closing November at US $ 207.37 / t, while in the weekly balance they remained almost unchanged. The chance that the dry weather forecast for the weekend over the Midwest will expedite the harvesting tasks was the main argument of the negative trend of the wheel.
Uneven result for soybeans
Given the good weather forecast for the weekend in much of the United States, a strong advance in harvest work is expected, which puts pressure on prices and soybean contracts ended with uneven balance. However, as in the case of corn, producers are storing grains in view of an improvement in prices, supporting prices.
Soybean prices closed with very slight increases on the fourth consecutive positive wheel in Chicago, thanks to the strength of oil prices, which added up to about $ 19 per ton. The November position closed at US $ 472.16 / tn. During the week, the soybean was almost unchanged. (Sources: BCR / Granar)
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