The US corn and soybeans deepened their losses a little more Friday evening in Chicago, still weighed down by the climatic improvements in Argentina. The generous rains announced for the country are indeed reassuring after months of drought, despite particularly worrying growing conditions according to local observers. The Buenos Aires Commodity Exchange has also reduced its estimate of Argentine corn harvest this year, at 44.5 Mt.
The american farmers markets also regained support in the weekly international sales recorded last week. The US wheat and corn sales (473 kt and 1.1 Mt) notably jumped above expectations, while those of soybeans stayed within the consensus (986 kt). The soybean meal sales have, for their part, a two-month high by rising to 363 kt. The USDA also confirmed the sale of 220 kt of soybeans to unknown destinations.
At the Chicago close, SRW wheat with a March 2023 maturity rose 7 c$/bu, to $7.42/bu. Corn futures March 2023 fell 1 c$/bu to $6.76/bu. Soybeans for March 2023 delivery fell C$8.25/bu to $15.06/bu.
