Prices for corn and soy complex was supported by a sharp rise in the stock markets and oil

2021-03-09 12:01:40
Machine translation
Prices for corn and soy complex was supported by a sharp rise in the stock markets and oil

New package of support for the U.S. economy and drones attack on oil facilities in Saudi Arabia has led to a rapid increase in stock prices and oil prices, which further supported the quotes and soybean oil, and corn that grew in anticipation of the March WASDE report.


the Senate supported the allocation of 1.9 trillion $ to combat the impact of the pandemic and to support the economy, thanks to which every American family with a combined income of less than 150 thousand $ a year at a time will get 1400 $. The size of unemployment benefits was reduced from 400 to 100 $ per week to stimulate employment. According to surveys, young families half of the aid will be spent on the purchase of shares. Therefore, after the adoption of the new law index DowJone yesterday rose from 31500 to record 32135 p. p., but at the end of the session fell to 31800 p., which is significantly higher than last year's locarnini level.


news about housetv attacks on oil facilities in Saudi Arabia futures for Brent crude on Sunday rose to 71.3 $/barrel, but on Monday returned to the previous level 68,6 $/bbl on data on the lack of casualties and damage to infrastructure in the attack.


the prices of corn on the stock exchange in Chicago on Monday morning, increased by 2.7%, but during the session after oil prices back to the opening level – 214,2 $/t


corn Exports for the week made up 1.54 million tonnes, which is inferior to the previous week, but corresponds to the expert expectations. And just season the exported 27.6 million tons of corn.


Traders expect in the March WASDE report ending stocks of corn in the United States will cut in comparison with the estimates on February 1 million tonnes, and the world – at 2 million tonnes, which will support prices.


After the price of oil soybean futures in Chicago rose yesterday from 521 $/t to 536 $/t, but later fell to 529 $/t. the Export of soybeans from the U.S. last week fell by almost half to 587,6 kt, and just season $ 52.6 million tons, which is 75% more than last year.


Analysts predict that the experts USDA will reduce the global ending stocks of soybeans 0.5 million tons due to the reduction of crop in Argentina and Brazil.


Futures for soybean oil in Chicago yesterday continued growth, which began on Friday, and with the morning 1145 $/t jumped to 1170 $/t, paying almost no attention to the decline in oil prices, and today it is trading at 1165 $/t, which is 17.6% higher than last month.

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