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Chicago: corn and soybeans, helped by the rise in oil prices

The course of corn and soybeans traded in Chicago finished higher on Monday, supported among others by the sharp increase in the price of oil. Those of wheat declined for the sixth session on.

read also : The oil carried by the sign of a recovery in demand

The prices of agricultural products "are influenced by other markets, starting with the oil price", pointed out Steve Georgy of the brokerage Allendale. In New York, the barrel of WTI for delivery in June rose Monday above the symbolic threshold of $ 30, which for the first time since mid-march, and has ended in increase of 8.1%. Gold, corn and soy are used in the United States for the manufacture of ethanol used in the composition of biofuels, whose prices evolve according to those of gold black.

The players in the agricultural market also keep an eye on the weather forecasts so that it has rained a lot these last few days in some areas of production "and that new rains are to come" in the next few days, he noticed Steve Georgy. "Will they begin to recognize that maybe the farmers are in a hurry to complete their sowing, and now find themselves with too much water?", he said.

the Risk of a longer dry in Russia and Europe

The price of wheat has continued to decline, to its lowest since October 2019. "The improvement of the weather around the world and in the United States is the main reason of this movement of sales," said Jack Scoville of Price Futures Group. "But information about the possibility that the time becomes more dry in Russia and Europe could reverse the trend," he added.

bushel of corn (about 25 kg) for delivery in July, the most traded, ended Monday at 3,2075 dollars against 3,1925 dollars Friday (+0,47%). A bushel of wheat for delivery in July, the most active, finished at 4,9700 dollars against 5,0025 dollars at the previous close (-0,65%). A bushel of soybeans for delivery in July, the most traded, finished 8,4500 dollars against 8,3850 dollars Friday (+0,78%).

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