Thursday’s session in Chicago posted widespread increases for major agricultural commodities due to weather difficulties in the United States and bearish supply projections.
Soybeans rose between US $ 5 and US $ 6, wheat also had rises of between US $ 4 and US $ 6 and corn rose about US $ 3 according to the different positions negotiated in the North American market.
In the local market, the trading round left bullish prices, although it had fewer buyers. However, this influenced the volume traded and in terms of values, the offers were above the previous round for the main grains.
In Chicago
Soybeans concluded with slight gains for its closest position and rises above 1% for the furthest. This way, The bean experienced its fourth consecutive upward wheel, As for its price, it exceeded US $ 500.
The upward trend was due to “the lack of humidity in key states for the fate of the oilseed yields,” said Granar. And they added, “by case, Minnesota and North Dakota, 3rd and 4th in the 2021/2022 sowing statistics, register severe drought conditions on 75.09 and 97.78% of their soils.”
In this same sense, the BCR indicated in its daily report that the “Hot, dry weather forecasts in August are expected to limit US soybean yields, fueling gains. In addition, soybean meal strengthens hand in hand with the weakness of the US dollar ”.
The Dry weather in the US Corn Belt also explained the boost in corn prices in Chicago.
“In full yield formation, the debate begins to turn from the chance of reaching the result projected by the USDA in 112.66 quintals per hectare to the possibility of not achieving the 107.96 quintals of the previous season,” they warned Granar analysts.
To the weather in America, adds that “the frosts in Brazil hope to limit the production of our commercial partner, which also contributes to the increases”commented the BCR in its report.
Y Wheat prices also closed higher due to multiple climatic difficulties that are leaving spring wheat in very poor condition in the northern Great Plains, where drought ravaged.
“What technicians are finding makes operators believe that there really is a chance that the total volume of US fine grain production will end up below the 47.52 million tons projected by the USDA in its last monthly report, in the which reached that figure after discarding the previous projection, of 51.66 million tons, ”said Granar.
And they added that “the depreciation of the dollar today contributes to the bullish trend by improving the competitiveness of the American grain in the export market ”.
Also adding to the upward trend of the cereal is the fact that “an official Russian body also reduced the forecast for production and exports of the bicontinental country, the world’s leading wheat exporter. In a context of strong global demand, these production losses drive prices”, Explained the BCR.
In Rosario
In the local market, for soybeans with immediate delivery, contractual and fixations, u $ s 335 were openly offered, implying an increase of u $ s 3 with respect to Wednesday. At the same time, the best offer in pesos was $ 32,310 per ton.
“After the renewal of offers of the next harvest that we had between the wheels of Tuesday and Wednesday, these open purchase proposals were absent again during the day,” they commented from the Rosario Stock Exchange.
While, For corn with contractual delivery, the offer exceeded the offers of the previous round by US $ 5, reaching US $ 185, while August had a similar increase to reach US $ 190. For delivery in the month of September, the offer was located at US $ 195, with an increase of US $ 5 between wheels, with October remaining at US $ 195. On the other hand, the segment that goes from November 2021 As of January 2022 it was US $ 200, resulting in an increase of US $ 2 only for November.
Regarding the 2021/22 campaign, lThe values offered by corn with delivery between March and May also increased by US $ 5 to reach US $ 190. Again, no open offers were made for the June and July 2022 positions.
Y for wheat with immediate delivery, US $ 205 per ton was openly offered. For delivery in August, u $ s 205 were also offered, resulting in an increase of u $ s 5 compared to the previous day.
Regarding the offers of the 2021/22 campaign, the offers for the cereal with delivery in November remained unchanged at US $ 200, while the deliveries between December 2021 and February 2022 were located at US $ 210, beating Wednesday’s offers by $ 10 for December and January, and $ 8 for February.
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