© Archyde.com/Agustin Marcarian
FILE PHOTO-A soybean plantation affected by a long drought that finally ended on May 25, Argentina.
Por Karl Plume
CHICAGO, US, Feb 2 (Archyde.com) – U.S. soybean futures rose to an eight-month high on Wednesday, as lower crop prospects in South America and improved export demand in the United States buoyed the market by seventh consecutive session.
* Corn fell as spread traders sold contracts and bought soybeans, and rising ethanol stocks fueled concerns regarding slowing biofuel production.
* Wheat followed corn lower, pressured by rain and snow that might boost crops in some winter wheat areas of the Plains and Midwest.
* “On corn, we’re worried regarding ethanol. Stocks have built up to levels where we’re not sure we’ll have much more storage and snowy weather may not help demand anytime soon,” Ted Seifried said. , chief agriculture strategist at Zaner Group.
* March soybeans on the Chicago Stock Exchange rose 8.5 cents to $15.37 a bushel by 1828 GMT, having earlier hit a high of $15.64, the highest for a busiest contract since June 10. .
* Downward revisions to forecasts for the upcoming soybean crops in South America, following dryness in some regions, have improved prospects for additional demand for US supplies.
* This, in turn, has raised concerns that US farmers may need to plant more grain this spring to replenish supplies.
* The US Department of Agriculture on Wednesday confirmed the sale of 380,000 tonnes of US soybeans to undisclosed buyers. It was the fourth consecutive day of sales announcement, with almost 1.3 million tons confirmed in that period.
* March corn futures fell 14.5 cents to $6.2025 a bushel, while March wheat futures fell 14.5 cents to $7.5450 a bushel.
* The US Energy Information Administration said Wednesday that US ethanol stocks have risen to the highest since April 2020.
(Edited in Spanish by Javier Leira)