Grains were one of the few raw materials that managed to advance in the eighth month of the year, due to less favorable prospects for crops in the United States and Europe.
Corn futures rose 8.88% in August to $6.70 a bushel, helped by expectations that droughts will affect crops in the West; it was its biggest monthly rise since April this year.
“Upward pressures came from concerns about supply due to deteriorating weather conditions that have the potential to stress crops,” explained Gabriela Siller, director of economic analysis at Banco Base.
The analyst said that in the case of corn, “the annual Pro Farmer Crop Tour mentioned that most of the fields were in worse condition than last summer,” so it is estimated that production will fall to its lowest levels since 2019. .
Wheat rose 3.13% in the eighth month of the year, to 8.34 dollars a bushel. It was also his biggest monthly gain since April of this year.
“We’re starting to see a post-harvest (price) rebound,” said Jack Scoville, vice president of Price Futures Group.
In contrast, soybeans followed the trend of raw materials such as oil or metals, which fell in August.
The cereal lost 3.12% in the month, to 14.34 dollars a bushel.
“Downside pressures came on the expectation of higher grain supplies from Ukraine, as 61 agricultural vessels have sailed since Turkey and the United Nations negotiated a Russian-Ukrainian grain and fertilizer export deal last month. ”, added the director of economic analysis at Banco Base.
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