Commodities: USA logistical problems persist, soybeans fall fifth day in a row in Chicago

The grain market on the Chicago Stock Exchange continues to be pressured by commercial disruptions caused by Hurricane Ida in the United States. Trading companies operating in the Mississippi River region, which are responsible for 60% of the country’s grain exports, are still calculating the losses, and the full resumption of work may take a few more days.

“The market’s focus is on the Gulf of Mexico export corridor and when electricity will be restored so they can begin repairing damaged facilities and restarting operations,” AgResource said in a statement. “No US grain or soybean supplies were available in the Gulf region yesterday because damage assessments are still ongoing.”

In addition to logistical problems, the beginning of the soybean and corn harvest this September in the US puts extra pressure on contracts traded on the US stock exchange. Under this scenario, soybeans fell for the fifth consecutive day in Chicago. November batches, currently the most traded, fell 1.14% (14.75 cents) to $12.775 a bushel.

The biggest drop in the session, however, was corn: the December contract, the most traded, fell 2.15% (11.5 cents) to $5.2275 a bushel.

Source: Valor Econômico

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https://valor.globo.com/agronegocios/noticia/2021/09/01/commodities-problemas-logisticos-nos-eua-persistem-e-soja-tem-quinta-baixa-seguida-em-chicago.ghtml

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