At the opening of the week, although with a decrease in commercial activity and a lower presence of buyers participating in the operation, soybeans remained at $160,000 per ton locally despite the decline registered in the governing market of Chicago.
“About $160,000 were offered for merchandise available with delivery in Up-River ports, while in the forward market (Matba-Rofex) a few entries were made at $160,500 per ton,” explained the head of research at the Zeni brokerage. Eugenio Irazuegui, in dialogue with TN.
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Meanwhile, after having negotiated with downward prices at certain moments of the round, the November contracts adjusted without variations at US$402.50 per ton.
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Soybeans and cereals had a negative wheel in Chicago
In Chicago, soybeans had a decrease of US$9.09 in the November contract and stood at US$483.83 per ton. In the position as of December, wheat lost US$5.70 and was valued at US$217.25. While corn fell US$1.87 and closed at US$185.62. In all cases, the declines also extended to the most distant maturities.
“The downward path in soybean operations continued, with losses that reached US$9 per ton,” said Irazuegui.
Aside from the impact exerted by the reduction in milling activity in the North American industry, the first batches harvested in the southern portion of the country transcended.
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“The machines transit the states of Texas, Louisiana, Mississippi and Arkansas, providing the first batches corresponding to the 2023/24 commercial cycle,” he commented.
At the same time, the Brazilian campaign begins with the incorporation of early teams. According to the renowned local consulting firm, AgRural, a national progress of 0.2% is reported and basically corresponds to work carried out in the state of Paraná.
Closing this Monday at the local market. (Source: Zeni)
Meanwhile, the start of work in Mato Grosso is expected. “Producers are awaiting the arrival of precipitation, while a notable rise in temperatures is predicted in the coming days,” said the expert.
Corn traded in the same direction, ending with falls that averaged US$1.85 per ton.
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“Harvest work continued in fields located in the American South, while the first collections (initial stage) were verified in specific sectors of the Midwest,” said Irazuegui.
Quotes in Chicago turned red at the beginning of the week. (Source: Zeni)
On the other hand, preliminary numbers corresponding to China’s foreign trade were released, indicating a slowdown in imports of this cereal.
“As far as August is concerned, 1.20 million tons were reported, which implies a decline of 28.6% compared to the previous month. At the same time, there is a year-on-year decrease of 33.3%. The recovery in domestic production and the management of its state reserves has led to a decrease in purchases abroad,” Irazuegui concluded.