Wheat, corn and soybean prices continued to decline slowly on Wednesday in Chicago after welcome rains for harvests in South America amid high prices.
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“The opportune rains in South America were the trigger for the liquidation coupled with a technical correction that was long overdue”, judged the analysts of CHS, referring in particular to the prices of soybeans and corn. Building on the weather news from Argentina and Brazil, large producers of soybeans and corn, where concerns have eased over the risk of drought, investment funds have made a clear movement of sales and catches of profits.
The main soybean contract closed down -1.17% and that for corn by -0.76%. “The question is, will the correction continue or is it a step backwards to better advance?”, CHS analysts asked, while some agricultural products are experiencing their third session of decline in a row. For Brian Hoops of Midwest Market Solutions, “Usually funds buy or sell in a three day period”, implying that the correction should stabilize.
Decrease in wheat
Wheat was dragged down (-0.66%) “By the lack of bullish factor, under pressure from the liquidation of corn and soybeans”, we add at CHS. Although Russia has indicated that its grain harvest for 2021 will reach 131 million tonnes against 133 million last year.
A bushel of wheat (about 27 kg) for delivery in March ended at $ 6.6775 against $ 6.7225 on Tuesday, down 0.66%. A bushel of corn (about 25 kg) for delivery in March ended at $ 5.2200 against $ 5.2600 on Tuesday, down 0.76%. A bushel of soybeans (about 27 kg) for March delivery ended at $ 13.6950 from $ 13.8575, falling 1.17%.
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