Prices for soybeans, corn and wheat fell today on the Chicago futures market, due to profit taking and the possibility of a slowdown in demand for grains from China.
Thus, the soybean contract for delivery in January marked a decline of 0.34% (US $ 1.75) to US $ 499.90 per ton, while the position in March advanced 0.45% (US $ 2.30) to US $ 497.97.
The fundamentals of the decline lay mainly in the moderation of optimism over Chinese demand for grains, stated a report from the Rosario Stock Exchange (BCR).
“According to the USDA, shipments of soybeans from the United States were reduced, in a more diminished outlook for demand. Likewise, the end of the tugboat strike expects to increase external supply, also contributing to the drop in soybeans ,? stock market entity.
Its by-products followed the negative trend, with a drop in oil of 0.09% (US $ 0.88) to US $ 977.73, and a rise in flour of 1.19% (US $ 5.84) up to US $ 482.80 per ton.
At the same time, the corn contract for the month of March decreased 0.20% (US $ 0.39) to US $ 194.48 per ton and the prices of May, July and September also adjusted downwards after seventeen consecutive days with increases.
“Corn also ended the day with very slight drops, in a round with technical sales and accompanying soybeans in their pessimistic outlook for external demand for the coming weeks, mainly from China,” the BCR said.
Meanwhile, the wheat contract with delivery in March fell 0.81% (US $ 1.93) to US $ 235.99 per ton, due to the fact that? The drop in exports outside the European Union from France limits global trade, added to the uncertainty over the exportable balance of Russian wheat “.
“However, Ukraine and the United States emerge as important players when it comes to offsetting the declines in Russian and French exports, limiting losses,” concluded the BCR.