Argentine soybean and corn fields have benefited from recent rain, with more showers expected that could slowly improve crop yields after they were threatened by dry weather earlier in the season, local climate experts said on Thursday.
Recent rains have also helped improve the state of the country's crops ahead of the 2020/2021 harvest, a welcome relief for farmers following a prolonged drought during the southern hemisphere winter.
The export cap that had been imposed at the start of the week was criticised by growers who said it would weigh on production. Argentina, the world's No. 3 corn exporter, is also the top international supplier of soymeal livestock feed.
"These meetings allow us to continue advancing in making private interests compatible with the need of the state to guarantee essential goods throughout the national territory," the ministry's statement said.
Argentina said on Tuesday it lifted a 30,000-tonne-per-day limit recently placed on corn exports, which had caused farmers to go on a sales strike in protest.
Russia is considering raising its wheat export tax from the currently planned 25 euros ($30) per tonne between Feb. 15 and June 30, the head of the Russian Union of Grain Exporters, Eduard Zernin, told Reuters on Monday.
Bangladesh's rice imports are likely to surge to two million tonnes in the 2020/21 financial year as local prices jumped to a record high on limited supplies, a senior government official told Reuters last week.
But farmers railed against the suspension last week and launched a strike, saying the full ban put downward pressure on production and forced them to temper investments.
The nearest resistance is at $5.04-1/2, the 800% level, which looks vulnerable and may be broken soon. Support is at $4.98, a break below which could cause a fall to $4.94.
Grain markets have been sensitive to any risks over South American supply as strong Chinese import demand has already absorbed much available soy and corn on the world market.
Strength in corn supportive to wheat futures but profit-taking noted as most-active contract hit fresh six-year peak during the overnight trading session.
Corn futures expected to rally for the 15th day in a row as most-active contract hit highest in 6-1/2 years overnight
The move triggered more buying in a futures market already on edge due to crop-threatening South American weather amid robust demand and tightening global corn and soybean supplies.