Futures on agricultural products in the US fell after a sharp rise last week

2021-01-05 12:03:20
Machine translation
Futures on agricultural products in the US fell after a sharp rise last week

After rapid growth last week the stock market on the first trading day of the new year decreased on the background of the lack of factors of support and fixation of profit by traders.

 

At yesterday's meeting of the monitoring Committee of OPEC+ was not agreed upon recommendations on oil production in the coming months, which led to a sharp drop in prices.

 

in addition, under the pressure of news about the condition and slow recovery of the us economy and the slow pace of employment growth stocks in the U.S. fell yesterday by 1.2% and 1.5%.

 

Futures on agricultural products also decreased, as the factors which contributed to the increase in prices, lose their relevance. Port workers strike is almost over, with only a few small ports have not yet resumed exports of the grain, but they soon will continue to work.

 

In Argentina there is a deficit of rainfall, but even a minor one the recent rains have helped accelerate the pace of sowing, which was released on the final stage. In Brazil the rainfall, though below normal, but sufficient for development of soybeans and corn.

 

Weekly U.S. exports decreased sharply, although the shipment of soybeans is quite active, while exports of wheat and corn is inferior to the projected rate.

 

in the last week of 2020 wheat exports from the U.S. decreased by 20% to 325 thousand tonnes, and in total, the season was 14.9 million tonnes, which is 0.1% below last year's pace. Corn exports for the week decreased by 27% to 912 tonnes and only season was 14.9 million tonnes, which is 73% higher than the corresponding period last year. To reach the projected 67 million tons by the end of the season, the country needed weekly to ship 1.6 million tonnes of corn.

 

soybean Exports for the week decreased by 40% to 1.3 million tonnes, and just season amounted to 38.5 million tons, which is 79% higher than last year's pace.

 

In early January in some States of Brazil will begin harvesting soybeans new crop, preliminary data which will affect prices in the near future, because China is a major importer of soybeans and corn will go on the purchase of soybeans from Brazil instead of the United States.

 

amid the recovery of exports from Argentina yesterday on the stock exchange in Chicago futures for soybean meal fell by 2.7% to 468,2 $/t, soybeans – 1% to 486,6 $/ton, soybean oil – by 1.4% to 938 $/t. Due to the slow exports of corn decreased by 1.6% to 190.4 $/ton, wheat – by 0.9% to 236,1 $/t

 

in the Near future the markets will remain under pressure political pressure caused by today's election of congressmen in Georgia, where Democrats need to win to get a majority in the Senate. Also, all pending approval, January 6 Congress President Biden, which of the Republican senators would try to break.

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