Global Courant 2023-04-12 02:07:44
The USDA estimate for Argentina’s production surprised the market: Analysts had expected 29.3 million tons and the USDA published 27 million, six million fewer than the March estimate.
Soybeans ended higher today in the Chicago Market, while corn and wheat closed lower, marked by a report from the United States Department of Agriculture (USDA).
During today’s session, wheat operated with widespread falls in Chicago, after the USDA report indicated that the final stock expected for the United States will be higher than initially expected, due to lower consumption in the local market.
On the other hand, it moderated the global declines that the market expected a slight drop in final stocks and the USDA cut stocks more than expected.
Thus, the Wheat 05/23 contract fell US$ 1.65 (0.66%) to US$ 247.65 a ton.
In the case of corn, the impact of the USDA report was also bearish, which resulted in the closing of the day with general falls, because the market expected a drop in final US stocks, something that the USDA did not he pointed.
Regarding South America, the downward adjustment in production in Argentina was in line with what was expected by the market.
The Corn 05/23 contract depreciated US$1.18 (0.45%) to US$256.29 a ton.
In the soybean market, the closest positions were raised throughout the day; while the segments of the next harvest 2023/24 operated downward and reversed the trend at the end of the day.
The USDA estimate for Argentina’s production surprised the market: Analysts had expected 29.3 million tons and the USDA published 27 million, six million fewer than the March estimate.
The increases were limited by the higher-than-expected increase in Brazil’s 2022/23 production.
Thus, the 05/23 Soybean contract rose US$ 3.67 (0.67%) to US$ 550.15 a ton.
