The price of soybeans rose again this Thursday in the Chicago market, driven by forecasts of cuts in South American production due to the drought, while the value of wheat fell for the second consecutive day after having exceeded US $ 300 the ton on Tuesday.
The March contract for the oilseed rose 0.42% (US$2.2) to US$531.3 a ton, while the May position advanced 0.32% (US$1.7) to settle at US$ 533.3 per ton.
The fundamentals of the rise lay in the potential production cuts to the South American harvest, especially in Brazil and Argentina.
According to the Rosario Stock Exchange (BCR), a reduction in the supply of these countries “would result in a greater demand for soybeans in the United States, which leads the North American market to rise with particular impetus.”
By-products also ended the day trading higher, with an improvement in flour of 1.04% (US$ 4.6) to US$ 446.1 a ton, while oil advanced 0.48% (US$ 6.8) to conclude at US$ 1,146.2 per ton.
For its part, the price of wheat fell sharply again on the world’s benchmark stock market, due to profit-taking and talks in Normandy to reduce the tension of the Russian-Ukrainian crisis, while the ports of Ukraine are operating normally again, after an initial suspension due to bad weather.
Thus, the value of cereal fell 2.36% (US$ 6.9) and closed at US$ 285.2 per ton.
Lastly, the price of corn fell 0.49% (US$ 1.2) and stood at US$ 245.7 per ton, due to technical sales and falls in the wheat market.
Oilseed prices win in Argentina
In Rosario, the prices of grains closed between stable and rising, with improvements in the values of soybeans and sunflowers and without changes in cereals.
For available soybeans, as well as for the contractual position and the fixing of merchandise, the offers were located at US$ 390 per ton, US$ 2 above the previous day.
For delivery in March, the purchase offer reached US$375 a tonne and US$365 for April.
Regarding available and contractual corn, the best offers were located at US$ 230 per ton, without changes compared to the previous day.
As for wheat with available and contractual unloading, the price was US$ 240 per ton, similar to the day before; while the March contract fell US$5 to US$245 a ton.
Finally, the sunflower rose US$ 10 and closed at US$ 480 a ton.