The prices of Argentina’s main crops operated with an upward trend this Friday.
While the first shipments of the Argentine coarse crop are being carried out, the price of corn in the Chicago market reached its highest level in more than 3 months during this day and soybeans reached their highest level in a month, due to the floods in Brazil, the main exporter, the greater weakness of the US dollar and the plague of leafhoppers in Argentina.
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Corn for July in Chicago rose to US$184.3 per ton in the intraday price, its highest price since January 26, and then culminate the wheel at US$180.9. Corn sales by U.S. farmers increased starting Thursday, when the contract reached $181.1, according to brokers.
For its part, soybeans for July rose to US$476.4 by Ton. Corn and soybean prices were boosted by floods in Rio Grande do Sul, where the harvest is in its final phase. The state is the second largest producer of soybeans and the sixth largest producer of corn in Brazil.
At the same time, in Argentina, the stunting of corn by leafhoppers, and the adverse weather, led the Buenos Aires Grain Exchange to cut its estimate for the 2023/24 Argentine corn harvest by 3 million metric tons, to 46.5 millions of tons.
Concerns about labor problems added support to prices. “It is a time of strikes in Argentina,” he said. Susan Stroud NoBullAg.com analyst, referring to the country’s grain ports.
Meanwhile, The wheat contract for July advanced to US$243.8 by Ton. Russian agricultural consultancy IKAR cut its forecast for the country’s crop to 91 million metric tons from 93 million tons and its wheat exports to 50.5 million metric tons from 52 million tons. This occurred since weather forecasts indicated that the region would receive virtually no rain in the next two weeks.
Russian weather and a weaker US dollar have caused “a confluence of end-user, trade-related purchases”he noted Mike Zuzolopresident of Global Commodity Analytics.
