Due to US storms, Chicago grain prices have reached historic highs

Prices of the main cereals closed with a big boost in the Chicago futures market, driven by new precipitation forecasts in the producing regions.

Soybeans rose by nearly $ 10 per tonne in short positions and therefore for delivery in July, it recorded an increase of 9.65 USD (3.16%) to 314.53 USD.

According to the Rosario Stock Exchange, excess water in the American Midwest, combined with with the forecast of more rain this will cause more delays in planting oilseeds.

Operator estimates for the progress report of new plantings they are 28% to 31%, when the average of the last five years is 62% for this date.

For its part, corn futures they continued their uptrend and closed on a positive ground: the position of July 2019 recorded an increase of 6.30 USD (3.95%) to 160.54 USD per ton.

The weather forecast continue to show the forecasts of big storms over the next week in much of the US corn belt.

Meanwhile, wheat futures closed a positive day with significant increases: the July position increased from $ 5.60 (3.11%) to $ 185.46 per tonne. The prices were raised in a shopping technical wheel and short covers, accompanying increases in corn and soybeans.