The prices of grains operated today with generalized increases in the Chicago market, in a day in which the strong increase registered in the price of corn stood out, which gained almost US $ 15 and stood at values of not reaching since July of 2013.
The May contract for soybeans gained 1.84% (US $ 10.47) to US $ 577.24 a ton, while the July position advanced 2.13% (US $ 11.76) in US $ 563.74 the ton.
Prices rise “as the sowing and the emergence of crops are projected at a lower rate than expected,” said the Rosario Stock Exchange (BCR).
In addition, the Oilseed Processors Association (NOPA) reported a slight pick-up in processing for March, which will spur increases in soybean meal and oil.
Regarding its by-products, oil climbed 3.74% (US $ 54.45) to US $ 1,509.26 per ton, while flour rose 0.80% (US $ 3.75) to reach the close of the day at US $ 469.58 per ton.
Likewise, corn rose 5.41% (US $ 14.96) in its May contract to US $ 291.32 per ton, consolidating prices that have not been seen since July 2013.
The BCR explained that “as demand from China remains strong, the weather is not helping the yellow grain harvests.”
Finally, wheat gained 0.67% (US $ 1.84) and was positioned at the end of the day at US $ 272.82 per ton, as a consequence of the persistence of “the drought in the American plains.”
“Not satisfied with it, the weather for next week is projected without too much rainfall. A strengthened US dollar limits the competitiveness of wheat and strongly reduces the increases for the day,” the BCR stated.
Source: Telam
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