Soybeans and corn stretch past highs as weather in Argentina and derivatives take hold

Both soybeans and corn are stretching the positive yields of previous quotations due to pressure from weather conditions in Argentina.

Humidity improved a lot in isolation, less than in neighboring Rio Grande do Sul, and dry and hot conditions in slightly longer terms are at the center of attention of traders on the Chicago Stock Exchange.

The January futures contract for soybeans rises 0.47%, to US$14.84, and that of March, for corn, increases 0.17%, to US$6.53, at 10:05 am (GMT), this Wednesday (21).

On the eve, the oilseed achieved a good valuation at the close. After spending the morning slightly above the declines of the previous day, it soared, reaching a maximum of over 20 points, and closed at an appreciation of 16 points.

There is no firm trend, however, mainly because it has gained support from derivatives, bran and oil, as this morning.

In recent sessions it has stayed within the new range of up to US$14.80.

In the case of corn, the scenario is the same, with even stronger pressure, on the horizon, than on soybeans, in terms of world demand, still in the line of risk, the Chinese situation relativizing Covid-19 infections and the dynamics of the war in Ukraine imposing attention, but now chasing the same positive adjustment.

The financial help was also reflected in the two commodities. The international dollar fell almost 1%, favoring risk taking, and is now taking profits.

With information from MoneyTimes