The international grain market continues to be part of a global downward adjustment trend in raw materials, although Wednesday and Thursday were days of recovery.
The price of soybeans was far from US$600 per ton, perhaps balancing above US$550, while wheat in Chicago lost the US$400 it held until three weeks ago, but after collapsing to US$285 it recovered. positions to hold above US$300 per ton.
Demand took advantage of the drop in wheat prices after a period of historically high values.
The ups and downs of investment funds, which massively liquidated positions and considered grains oversold as of Tuesday, are the fundamental reason for this drop, which is also fueled by risk aversion and the upward trend in interest rates.
Local references mark on the axis of US$560 a ton of soybean from the current harvest placed in Nueva Palmira and US$475 for the 2023 harvest.wheat at US$310 and a ton of rapeseed at US$614, far from the highs of four weeks ago.
EO
On the other hand, the development of crops in the United States is normaland at a key time of the year for its development, opportune rains appear that seem to configure a perspective of good yields.
The United States Department of Agriculture (USDA) pointed out that the area devoted to soybeans that experiences some degree of drought is 22% when a year ago it was 33%.
In the case of wheat, there is concern about low European yields, with a serious drought in Spain, Italy, Portugal and France that is translating into lower than expected yields at the beginning of the harvest. There is also a drought situation in Australia that threatens wheat and turns yellow lights.
In the wheat areas of Argentina the threat of lack of water could be solved this weekend, at least partially. In Argentina there is also concern about the shortage of fertilizers given the restrictions on imports.
From the point of view of supply and demand, there have been no changes that justify such strong price movements.
What has changed seasonally is that the wheat harvest in the Northern Hemisphere and the corn harvest in Mercosur are in full swing, and that alleviates fears of shortages.
In the local square the development of winter crops is excellentwith plantings on time and moderate rains alternated with sun and cold, a scenario that leads one to think that the yield perspective is very good.
john samuel
Grain prices recovered some of the recent losses.
