Dry weather in Argentina causes corn to rebound

The prices of soybeans and wheat fell back this Friday, January 14, 2022 on the Chicago Stock Exchange. That of corn rebounded, helped by the prospect of still dry weather in Argentina, the cereal-producing country.

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While rains in Brazil, favorable to harvests, had pushed back Thursday the price of But, “weather forecasts in Argentina now point to drier conditions this weekend which again supports corn prices,” said Dewey Strickler of Ag Watch Market Advisers.

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Expected production down

The US Department of Agriculture (USDA) also announced an export sale of 100,422 tons of corn to Mexico. The International Grains Council has also lowered its estimate of global maize production due to the drought in South America. This reduction in the world production estimate is mainly due to Brazil, which fell from 117.4 to 112.9 million tonnes.

The course of wheat closed in a small decline, in the wake of a strengthening of the dollar on Friday, which made US exports more expensive.

> Read also : Exports of French soft wheat revised downwards (13/01/2022)

That of Soy also fell despite the announcement on Wednesday by the USDA in its Wasde report of a reduction in world production, favorable to prices. “Even a little lower, the volume of this production remains a record,” said Dewey Strickler.

A sale of 100,000 tons of soybeans to Spain was also announced by the US Department.

The Chicago Board of Trade will be closed Monday to observe the Martin Luther King Day holiday.

the bushel of wheat (about 27kg) for March 2022 delivery fell 1.45% to $7.4150 from $7.4675 on Thursday.

the bushel of corn (about 25kg) for same month delivery gained 1.48% to $5.9625 from $5.8750 at the previous close.

the bushel of soybeans (about 27kg) for March delivery fell 0.54% to $13.6975 from $13.7725 a day earlier.