Profit taking was present in the Chicago market for soybeans and wheat, after the strong rises that occurred yesterday, while corn continued on the upward path due to the adjustments in the United States production.
The January contract for the oilseed fell 0.77% (US $ 4) to US $ 518.6 the ton, while in March it did it by 0.84% (US $ 4.4) to settle at US $ 516.7 the ton.
The fundamentals of the decline lay in the take profit by investment funds after the strong increases that occurred yesterday.
In the previous day, the bean registered a rise of more than US $ 17 to US $ 522.5 a ton, after the United States Department of Agriculture (USDA) estimated a cut of one million tons in the country’s production up to 112.5 million tons, at the same time that there was an adjustment in stocks and an increase in the projection of exports.
Its by-products accompanied the decline, with a decline of 1.87% (US $ 9.7) in the value of flour to US $ 509.7 per ton, while oil fell 1.04% (US $ 9, 9) to finish the day at US $ 940.9 per ton.
For its part, corn advanced 1.38% (US $ 2.8) and closed at US $ 206.4 per ton, due to the cut in US production and stocks that the USDA published yesterday.
The harvest forecast was 360.2 million tons, 8.3 million less than those calculated in December and 7.4 million tons below that estimated by the operators.
“You have not seen such a drop in corn projections from November to January since 1974,” said the Rosario Stock Exchange (BCR).
In addition, the stock market entity noted that “the US biofuels industry is pushing hard for President-elect Joe Biden to reduce cut exemptions for small refineries, giving more room to biofuels, and therefore to demand for corn. In this way, the prices of yellow grain would be further propped up. “
By last, Wheat fell 0.86% (US $ 2.1) and stood at US $ 242.2 per ton, due to the closing of positions by hedge funds.