Monday, June 5, 2023

Soybeans fell to five months, roaring in Chicago

The price of soybeans this Thursday, March 23, in the market of Chicago, due to the bad export data of the United States and the entry of the harvest from Brazil fell into the trading environment, which caused the beans to fall more than US$10. and soybean oil $54.4 compared to last Wednesday.

The major contract for seed oil fell 2% (US$10.66) to US$521.58 a ton, while the July position fell 1.85% (US$9.74) to settle at US$513, 86 a ton.

The reasons for the drop lay in the large presence of Brazilian soybeans in the commercial circuit, whose export potential could reach a record 90 million tons.

This volume is considered to be “enough to supply China, which today seems to only have eyes for Brazilian grain, and also to draw a record volume for Argentina, which will need a lot of grain to be able to at least partially compensate for the lack of factories. homegrown” report by Broker Granar.

This situation generated a lack of interest from North American goods in China, which closed the week with poor export results, which increased losses.

The United States Department of Agriculture (USDA) surveyed this Thursday the 2022/2023 sale of soybean for 152,500 tons, below the 665,000 tons of the previous report and from the expectation of operators, which was from 400,000 to 900,000 tons, from the Seed. .

Soy products followed the bean, with a drop in oil price of 4.52% (US$54.45) to US$1,150.13 per ton, while flour fell by 2.94%.

For its part, the price of corn fell 0.27% (US$0.69) and closed at US$ 248.71 a ton, due to the improvement of water due to the balance of rains in the largest producing region of the United States, waiting for the planting that is expected to exceed the previous one and the devaluation of the real against the dollar, which “competitiveness of exports Brazilians” to the detriment of the United States.

Finally, wheat fell by 0.22% (US$0.55) and settled at US$ 243.24 a ton, following a poor week of export data from the United States, below market expectations.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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