International demand for oils is boosting soybean prices

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Soybeans once again dominated global grain markets in Wednesday’s Chicago session and posted strong gains throughout its product complex; Although this Thursday, in the night wheel there were technical corrections, after reaching 5 consecutive increases and a new maximum since the end of July: $ 457.6 for the November post.

“The strength continues to come from the global vegetable oil market, as more and more countries are showing demand for oilseed products and this growing trend is supporting the market. It was against this backdrop that Chicago soybean futures traded near the one-week high, ”said Esteban Moscariello, Commercial Director of Díaz Riganti Cereales.

The specialist took into consideration that “the promotion of renewable fuels in the agenda of the President of the United States, Joe biden, would trigger a boom in soybean oil use, strengthening global consumption growth driven by China, according to different market analysts agree ”.

In this context, “Malaysian palm oil futures are up nearly 15% this month; they gained more ground due to higher demand. And there is more upside potential, given the gains in the crude oil market and general consumption, ”said Moscariello.

The funds were net buyers in lots, with 12,000 soybeans, 11,000 soybean oil, 3,000 soybean meal and 9,000 corn.

The corn gained ground after closing virtually unchanged on Tuesday as global supply shortages have supported prices. The futures of But in Chicago, they also carried out a two weeks maximum.

In Rosario, the increases were also highlighted

In the same sense as that analyzed by Moscariello, the Rosario Stock Exchange (BCR) He also pointed out -in his daily report on Wednesday- that in the open offers for soybeans, there was increments from the previous wheel, as happened with wheat and corn. “In the Chicago market, agricultural futures have been adjusted upward. Soybean contracts end with increases due to increases in oil prices and prospects for increased international demand for oilseeds”.

Thus, the entity of Santa Fe underlined that, concerning this culture, “we had a further increase in bids between industries”. However, it was clarified that “the number of positions concentrated on the nearest delivery segment is maintained”.

For soybeans with delivery available, contractual and for fasteners, the offers reached the US $ 360 per tonne, US $ 5 over the previous session. At the same time, offers in local currency were at $ 35,680 per ton.

In reference to official price in dollars, which is taken as a benchmark to arbitrate the value of cereals in the domestic sphere, in the Banco Nación it was $ 99.15 for the purchase and $ 99.35 for the sale, with an increase of 0.04 % from the previous closing. Meanwhile, the BCRA’s benchmark exchange rate, Communication A3500, closed at 99.3383, up 0.03% from the previous day.

Disclaimer: This article is generated from the feed and is not edited by our team.

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