Friday, December 3

Chicago: day of general losses for grains


“As for the drop in beans and flour, the central reason must be found in the fact that today is a holiday in the United States for Thanksgiving, so a profit-taking of the large funds of investment was a very feasible and even logical chance ”, as detailed by the consulting firm and brokerage Granar.

Meanwhile, corn prices closed slightly lower in Chicago amid a classic profit-taking by investors. The losses were limited by the confirmation of the good moment of the ethanol industry and the announcement of a new sale.

The cereal then closed at US $ 228.24, showing a drop of US $ 0.29 per ton for the December contract.

Regarding sales, the USDA confirmed a new business with Mexico, for 100,000 tons.

The other factor that limited the losses is the competitiveness gained by corn in the forage market due to the sharp rise in wheat prices. Corn is a good choice for many feed wheat buyers today.

Finally, from the highest in 9 years, wheat prices closed lower in Chicago and Kansas, the product of a more than logical profit-taking from investment funds. In addition, the strength of the dollar contributed to the downward trend, which, for example, brought its relationship with the euro below the 1.12 mark. So far in November the parity between these currencies fell 3.15%, from 1.1558 to 1.1194 dollars per euro.

In this framework, the cereal showed a drop of just over US $ 7 to close at US $ 307.45.



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