Volatility should remain high after the long weekend: Agritel
Prices finished the week lower in Chicago yesterday, 2 April. Volatility should remain high after the long weekend. Wheat export sales have been disappointing this week at 331 100 t, the Agritel consultancy reports.
"The corn erased a part of the large gains recorded on Wednesday. The weather conditions in Brazil will have to be monitored. Few rains are expected in the next couple of weeks suggesting a possible negative impact on the yields already hit by late sowing," the report reads.
In Argentina, the Buenos Aires Exchange said that the corn harvest is achieved up to 7.9% so far. The production is estimated to 45 mln t. US export sales this week amounted to 797 300 t, below traders’ expectations.
Related: Canard Stories: USDA and Lost Acres
The soybean retreated significantly yesterday following disappointing export sales figures and a correction after the rally observed behind the release of the USDA report on Wednesday. In Argentina, the harvest is beginning and the local exchange is estimating the production at 44 mln t vs. 47.5 mln t still seen by the USDA.
CME futures responded with a bullish rally to the release of the USDA Prospective Plantings and Grain Stocks reports.
