Corn prices down in Chicago due to lower than expected sales
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Corn retreats after disappointing sales
Corn prices fell Friday in Chicago following disappointing sales abroad. Those of wheat benefited from a bout of weakness in the dollar and those of soybeans from satisfactory demand.The climatic conditions in the USA allow a rapid progression of the corn harvest. & Nbsp; (© Terre-net Média)
According to a weekly report from the United States Department of Agriculture, the United States sold 368,000 tonnes of corn last week, less than anticipated by analysts. "& Nbsp; The weather remains sufficiently clear in most of the production areas to allow a rapid advance of harvests & nbsp;" and the massive arrival of corn in elevators, which also puts pressure on prices, add analysts at Allendale.
US farmers also sold 1.6 million tonnes of soybeans, a figure that was higher than analysts' estimates. This is not a complete surprise, since China has recently committed to increasing its purchases of oilseeds. However, analysts at CHS Hedging note, "Sales to China have slowed somewhat as Brazilian prices have fallen and have apparently attracted Chinese buyers."
Wheat orders, on the other hand, amounted to 395 & nbsp; 100 tonnes, the middle of the forecast range. Cereal prices, according to Brian Hoops of Midwest Market Solutions, mainly benefited from the decline in the greenback. This development makes American products sold in dollars more competitive on the world market for buyers with other currencies.
The bushel of corn (about 25 kg) for delivery in December, the most traded, finished Friday at 3.9100 dollars against 3.9475 dollars Thursday (- 0.95%). The bushel of wheat for December delivery, the most active, ended up at 5.3225 dollars against 5.2550 dollars at the previous closing (+ 1.28%). The bushel of soybeans for November delivery, the most traded, stood at 9.3400 dollars against 9.3150 dollars the day before (+ 0.27%).To monitor changes in the prices of agricultural raw materials, log on to the agricultural markets of Terre-net.fr
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