This Friday, soybeans closed at US$416 and corn at US $157 in the Chicago market. They are at the lowest value in the last 3 years.
They estimate lower harvests due to the heat wave. Both crops are influenced by the prospects for an abundant harvest in South America, mainly Argentina and Brazil. For corn, there is a record US harvest and high stocks, while in the case of soybeans, low demand from China also adds pressure. The Buenos Aires Grain Exchange estimated two weeks ago that the soybean harvest would reach 52.5 million tons. Now, with this new scenario, lower production and prices, this initial projection could drop.