Thursday , September 29 2022

Soybeans have sunk and bottomed out since December 2020


Fundamentals of thought Higher-than-market increase in US soybean production and stock estimates.

The USDA predicted a record harvest of 121.1 million tons for the North American country, 2 million more than projected last month, and 900,000 tons expected by operators.

Similarly, final stocks made strong progress from 5 million tons to 8.7 million last month, pointing to the Rosario Stock Exchange (BCR) where blending is progressing at a good pace.

By-products were down 2.8% (US$36.82) to US$1,292.70 per tonne, accompanying the downward trend of beans, while flour fell 1 percent (US$3.64) to US$344.91 per ton. .

On your own behalf corn was 2% yield (US$4.13) and US$205.70 per tonne, Because the US portfolio increased the harvest volume from 380.93 to 381.49 million tons, compared to the 380.33 million tons expected by the private sector.

Grain broker Granar said final stocks rose from 35.77 to 38.10 million, compared to 36.37 million calculated by operators.

Backwards, wheat backed by USDA forecast showing world ending stocks at five-year low, partly due to droughts in the northern United States and Canada affecting production.

Tons of wheat increased by 0.3% and closed at $269.69 per ton.

For some commodity futures traders, the numbers confirm speculation among US farmers reporting higher-than-expected corn and soybean harvests.

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