Future soybean prices had a significant increase of 8 dollars in the Chicago Market due to the strong Chinese demand for the grain worldwide and the delay in the Brazilian harvest.
The price of soybeans had a peak in the day on Tuesday that exceeded 520 dollars. But at the end of the round, the value of the crop reached 516 dollars.
The fundamentals of the rise lay in the strong Chinese demand for the grain worldwide. The market estimates tight stocks in the future due to the demand of the Asian giant, despite the fact that it is expected for the next season in the United States that the area destined to soy will grow 8%.
“Although the USDA projected a record production of the oilseed in 2021/22 in the United States, the demand would also be very high, so that the final stocks would be only marginally increased and would remain near historical lows,” said the Stock Exchange. Commerce of Rosario.
In addition, the main granary market in the world was delay in the soybean harvest in Brazil, one of the main soybean players worldwide.
Meanwhile, the by-products accompanied the improvement of the beans, with an oil jump of 2.83% (US $ 29.98) to US $ 1,085.91 per ton, while flour gained 0.80% (US $ 3.75) to settle at US $ 470.13 per ton.
The Rosario entity recently estimated that 2 million more tons of beans will be harvested after the last rains that benefited the crop, which production would reach 49 million tons, similar to what was threshed last season.
“The good to very good conditions of the first and second class soybeans allow us to estimate a national average yield of 2,900 kilos. This is almost 100 kilos more than the national average of the last 8 years, when until a month ago yields were projected for below the average ”, specified the Rosario entity.
Thus, the same institution projected that exports of the oilseed complex will be record with 23,600 million dollars, 8.750 million dollars more compared to the previous season.
And going to the total harvest, including soybeans, corn and wheat mainly, foreign exchange of 37.6 billion dollars would be generated, 1.700 million more than 30 days ago due to the boom in the extra tons that will enter soy and corn. And more than 10 billion dollars more than what the field generated last year, according to the Rosario Stock Exchange.
On the other hand, corn advanced 0.49% (US $ 1.08) and reached US $ 218 per ton, due to the delay in the Brazilian harvest, as a result of the slow progress of soybean.
In any case, the gains were limited by the forecast that almost 6% more yellow grain will be produced in the neighboring country.
Finally, wheat rose 0.26% (US $ 0.64) and stood at US $ 244.62 per ton, as a consequence of the potential damage to the crop in Texas after the heavy snowfall in recent days and the low Stock levels in Ukraine.
