USDA Report turn heads in agricultural markets
Economic
March 27, 2011
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CHICAGO .- The agricultural markets are awaiting a report published on Thursday The U.S. Department of Agriculture (USDA) on cultivated areas in the country, at a time when wheat prices and corn closed again on the rise.
"We anticipate an increase in total area, with corn and cotton as main beneficiaries. In addition to the surfaces, weather conditions and yields are the key elements to assess U.S. production, "said analysts at Barclays Capital.
The document to be released Thursday indicate the distribution of cultivated areas in the United States in 2011.
The central United States was affected by wet weather in early spring, with falls of snow. This could force farmers to have to wait before planting, which would favor soybeans, which are planted later than corn.
While these held wet corn prices this week, the drought in the plains of southern influenced wheat prices. In these regions, winter wheat needs rain to grow.
On the other hand, the corn was encouraged by rumors that China would have bought this cereal in the U.S.. The USDA confirmed the end of the week of the existence of a large sale, but did not disclose the buyer.
On Friday, the bushel (35 liters) of corn for May delivery closed at $ 6.895 on the Chicago Board of Trade, to $ 6.85 on Friday past, representing a rise of 0.6% for the week.
wheat contracts with equal maturity rose to $ 7.332, to $ 7.23 seven days earlier, a progression of 1.4%. The bushel of soybeans for May delivery settled at $ 13.605 to $ 13.625 a week earlier. Yielded 0.1%.
contrast, cotton closed the week in New York to $ 2.044 from $ 1.991 last week. Up 2.7%. (AFP)
SOURCE: Spain's La Tribuna
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