The prices of the Soy and the corn closed solidly higher on Monday in Chicago, fueled by drought fears in Latin America, while wheat did not follow that trend.
“The market is driven by soybeans, we only talk about South America: the drought continues in Argentina and part of southern Brazil,” a large soybean producer, said Dewey Strickler of Ag Watch Market Advisors.
Corn prices, in addition to the boost they received from the expected drought in these countries, have been boosted by strong export sales.
As for the price of wheat, which ended on the decline, “it was driven by soybeans and corn at the beginning of the session, but for technical reasons it did not hold,” Strickler explained.
A bushel of wheat (about 27 kilos) for delivery in March 2022 fell 1.31% to US $ 8.0400 from US $ 8.1475 in the last close, the Thursday before Christmas.
A bushel of corn for same-month delivery gained 1.48% to US $ 6.1475 compared to US $ 6.0575 in the previous close.
A bushel of soybeans for March delivery also gained 2.26% to $ 13.7150 from $ 13.4075 on Thursday.
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