USA: Corn and soybeans have a sharp drop on the Chicago Stock Exchange

Updated Mar 1, 2023
Soybeans closed sharply on the Chicago Stock Exchange, with investors reflecting the advance of the crop harvest in Brazil. Oilseed contracts due for May, the most traded, closed down 2.23%, at US$ 14.79 per bushel. The Brazilian offer grows in the international market as the harvest progresses in the country. According to the National Supply Company (Conab), the harvest of the 2022/23 crop reached 34% of the area until last Thursday, against a percentage of 42.1% observed in the same period last year. “The soy harvest evolved well, and the yields observed in the main producing states so far alleviated not only the delay in harvesting, but also the losses in Rio Grande do Sul and Argentina”, evaluates Roberto Carlos Rafael, partner-owner of Germinar Agronegócios , reinforcing that this scenario is unfavorable to the demand for US grain. In this sense, American exports fell 54.4% in the week ended February 23, to a volume of 690.9 thousand tons, informed the Department of ...
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