The latest USDA crop monitoring report for the 2018/19 crop showed a more favorable price scenario only for the DATAGRO Consulting.
In general, revisions on supply and demand favored cereal prices positively. The USDA pointed to lower than expected harvest in the United States, as well as higher inventories of the new crop. On the reporting day (08), the spot closed at a high of US $ 1.25 cents.
“New estimates of world stocks of the old crop and the new crop have been confusing because of the brutal increase in China’s statistics,” DATAGRO says.
Soy
Regarding soybeans, prices fell sharply immediately after the release of the report, reflecting the strong increase in the projection of final stocks in the USA due to the cut in exports. But the closing happened with practically stabilized prices, with a drop of US $ 0.25 cents / bushel in the spot position. This recovery ended up consolidating in the next trading session, closing the week in stability.
Wheat
Regarding wheat, the USDA brought mixed information, but overall, the negative data ended up predominating. In this sense, the maintenance of 2018/19 global final stocks, while waiting for a reduction, stands out. In contrast, the positive information was the maintenance of the final US stocks of the new season, while it was expected to rise.
On the closing day of the report the spot position closed at a drop of US $ 2.50 cents / bushel. Finishing the last week as 2.1% decline.
This text was translated by machine from Brazilian Portuguese.