Soybean fell to $ 294.05, the lowest price in almost 11 years

The May reference contract for oilseeds fell 1.75% ($ 5.1) to $ 294.05 per tonne, a value higher than the June 22, 2007 quotation, when the bean was positioned at 292.85 USD per ton.

The decline in the price of beans, which led to the benchmark contract at minimal levels more than a decade ago, is the product of "the fear that the trade war between the world's largest economies will continue longer than expected", said the Rosario Stock Exchange (BCR) in its daily badysis of activity in Chicago.

"Operators fear trade talks between Chinese and US officials will not lead to an agreement ending the conflict that has reduced exports of US agricultural products to China," they added. Rosario Stock Exchange.

From the market, they fear that the intention of the President of the United States, Donald Trump, to raise tariffs from 10% to 25% to a series of Chinese products will be held tomorrow at noon, a decision which would represent a loss of US $ 200,000 for China. millions

At the same time, we learned yesterday that China's Ministry of Commerce would react if the US imposed tomorrow an increase in tariffs on imports from China.

"The measure would intensify the trade dispute that has reduced US soybean shipments to China as negotiations continue on a possible deal in Washington," they said in a statement from the BCR.

As reported by Granar Broker, "At the global level, the volume of world trade and, of course, that of soybeans will decrease, while we can expect a weakening of the dollar compared to the euro."

"In addition, we must add to this that China will consume 10 million tons less because of the swine flu that has affected very heavily the production of pigs, which is a fairly bearish data for soy," added Granar .

However, the broker's international markets specialist said that "Argentina was better off stopping in this conflict because the Chinese of somewhere will have to take out the soybeans, which can help us because they go first to throw the Brazilian Market and then ours, "he added.

"In Argentina, we are used to following the nose in Chicago, but the price is now shared between our market and theirs, and in Rosario, there may be increases, unlike what can happen in Chicago" he concluded.

As, corn closed with a sharp decline of 3.12% to 135.63 USD per ton for weak US export sales data and before climate improvements that will advance with planting in the Midwest.

In turn, Wheat recorded losses of 2.25% to 154.97 USD per ton due to concerns over the US grain export outlook, in a context of abundant global supply and the expectations of large harvests among exporters in the northern hemisphere.