The March contract for the oilseed advanced 1.03% (US$5.70) to US$558.41 a ton, while the May position increased 1% (US$5.51) and closed at US$554. .55 a ton.
The foundations of the improvements lay in “a new day of technical purchases” and in the good dynamism of US exporters, said a report from the Rosario Stock Exchange (BCR).
“The Argentine drought and the productive cut of the Grain Exchange of Buenos Aires collaborate in the positive terrain of the bean”, added the BCR.
Soybean by-products followed the bullish trend in general terms, despite the fact that flour marked a drop of 0.22% (US$1.21) in its March contract, at US$539.35, while the rest of positions ended with increases.
Oil, meanwhile, increased 1.40% (US$18.74) to US$1,353.40 per ton.
For its part, corn fell 0.42% (US$1.08) and settled at US$251.07 a ton, due to the fact that US demand is severely reduced.
“However, doubts about the continuity of grain exports from Ukraine limit losses and leave gains on more deferred positions”added the BCR in this regard.
Lastly, the March wheat contract price grew 0.60% (US$1.56) to settle at US$257.67 a ton.
“‘The West is shamelessly burying’ the trade agreement to export grains from Ukraine, Russian Foreign Minister Sergei Lavrov said today, which brings uncertainty about the continuity of Ukrainian exports and props up prices”explained the BCR.
And added that “This occurs in a framework where improvements are expected in the Ukrainian harvest, which would see the logistics of limiting or ending the agreement as complex.”