2023-07-18 10:48:27
Those who did not follow the closing of wheat futures prices on Monday and saw only the strong increases in the morning, with the news that Russia abandoned the grain agreement that allows the Ukrainian outflow through the Black Sea, must not have understood why the cereal ran out falling at the end of trading in Chicago.
In fact, it was a mere speculative bid, with the market testing the previous week’s gains, as if they were already at the limit, in addition to Russia’s note, saying that it would be open to reopening negotiations if its requests – among which, facilities for its exports agricultural -, are met.
In this dance of uncertainties, this Tuesday morning (18) wheat advances again, in another bid of expectation regarding the absence of the product from Ukraine in the world supply and amid the increase of Russian bombings in this Brazilian dawn.
At 8:43 am (Brasília time), it goes up 1.40%, US$ 6.61 for September.
corn and soy
The decline in wheat also influenced corn, another cereal also included in the Ukrainian package. And now it is taking advantage of the same upward move, up 2.20% at $5.09 for delivery in month nine.
The USDA Crop Quality Index, up two percentage points the week before the week before, released yesterday after the close of business, is neutralized.
Also, information from AgRural, from Brazil, regarding the certain slowness of the Brazilian harvest, reproduced by websites accompanied by international traders, takes away a little support from the grain. Despite, say, the expected full harvest.
As for soybeans, the improvement in crop levels was more significant, at 4%, to 55% between good and excellent, even so traders are pricing in weaker rainfall assessments in the coming days.
The main contracts rise from 0.85% to 0.70%, between August and November, from US$ 14.96 to US$ 13.89.
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