Soy is trading above US $ 500 per MT and scores its ninth consecutive rise

The soya it scored its ninth consecutive day of growth in the Chicago market and was above US $ 500 per ton, on a date for the international scenario in which corn also advanced, while wheat traded down.

Thus, the January contract for the oilseed, responsible for historical peaks in the price of cooking oil this year, gained US $ 11.20 to US $ 500.63 per ton, while the one in March did so for US $ 11.30 and it was positioned at US $ 503.94.

The fundamentals of the rise were based on (as happened in the previous sessions) the lack of humidity in areas of southern Brazil and in producing regions of Argentina and Paraguay, a situation that encourages investment funds to continue operating as active buyers of bean, oil and flour contracts, specified the brokerage Granar.

In this way, in the last nine days, it climbed together more than US $ 45 per ton and once again exceeded US $ 500 in the North American market, detailed the Rosario Stock Exchange (BCR).

For its part, corn advanced US $ 3.55 and reached US $ 242.02 per ton, also due to weather problems in Brazil and Argentina and completed the fourth consecutive bullish round.

“The funds speculate that the dry weather in southern Brazil will affect the volume of the first Brazilian harvest and that the persistence of lower than normal rains during the first months of 2022 in southern Brazil and Argentina will reduce supply. exportable from both competitors in the United States ”, indicated Granar.

Finally, wheat had a fall of US $ 3.95 and stood at US $ 295.42 per ton, due to “technical issues after starting the day on the rise,” according to what was indicated by the BCR.