2023-10-31 19:46:59
Wheat traded lower in the Chicago Market, due to the low demand for cereal and the rains in Argentina; while corn remained almost unchanged and soybeans recorded gains due to climatic conditions in South America.
The price of wheat recorded losses in all its contracts, due to the low demand for the cereal and a better climate in Argentina; In that sense, the Wheat 12/23 contract lost US$ 3.58 (1.72%) to US$ 204.39 per ton.
The wheat market has been dominated in recent months by large Russian grain exports, which have put pressure on prices; and by China, which has monopolized cereal imports, recalled the Rosario Stock Exchange.
However, “although China has been buying a lot of international wheat, it has not been a particularly notable buyer from the United States,” said Jack Scoville, market analyst at The Price Futures Group.
Meanwhile, rains in Argentina have removed the threat of further yield loss, adding pressure on prices; To which is added that the USDA yesterday warned of an advance of the winter wheat harvest of 84%, 1 percentage point ahead of what the market expected.
For its part, corn prices remained almost unchanged compared to the previous day: the Corn 12/23 contract rose US$ 0.20 (0.10%) to US$ 188.48 per ton.
Traders are paying increasing attention to South American weather as the U.S. harvest nears its target, while beneficial rains are expected in agricultural areas of northern Brazil.
For its part, the USDA reported yesterday that the cereal harvest is 71% advanced, slightly ahead of what analysts expected.
Soybean contracts traded mostly upwards, supported by the unfavorable weather in Brazil: Thus, the Soybean 11/23 contract rose US$ 1.56 (0.33%) to US$ 472.89 per ton.
The hot and dry weather in the north of the neighboring country, as opposed to the heavy rains in the south, slow down the sowing of the oilseed and generate uncertainty about the production of the next campaign.
Regarding the progress of the harvest in the United States, the USDA reported an advance of 85%, in line with what was expected by those operated prior to the report.
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