USA: Fall of 21 euros of wheat in Chicago after the reopening of the Black Sea

Published 2022년 11월 3일

Tridge summary

On November 3, 2022, the agricultural market experienced significant volatility, with prices for key crops like wheat, corn, oats, and soybeans fluctuating in response to geopolitical developments. Following Russia's announcement of a Black Sea port closure and reopening, wheat prices saw substantial increases and decreases, reaching a high of 19.7 euros and a low of 21 euros for December and March contracts, respectively. Meanwhile, corn, oats, and soybeans also experienced price changes, with corn and oats decreasing by 4 euros and 6 euros, respectively, and soybeans being the only crop to buck the trend, increasing by 1.6 euros and 1.3 euros for November and February contracts, respectively. This demonstrates the sensitive interdependence of global cereal markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Only soybeans remain on the rise, gaining 1.6 euros As was already announced from these lines just four days ago, the evolution of this week perfectly defines what is the "persistent volatility of world cereal markets". If last Monday their response to the closure of the Black Sea by Russia were increases of up to 19.7 euros for wheat in Chicago, yesterday, November 2, that same reference stock market saw how, after Putin announced the reopening of the ports, that cereal fell 21 euros. WHEAT Decrease of 21 and 20 euros for wheat contracts closed for December and March, which are quoted at 36.7 and 323.8 euros per ton. CORN The decline in corn has been smoother, as were the rises in previous sessions, of corn falling 4 euros to set a price, in the Chicago futures market, of 275.75 and 277.8 euros per ton for December and March. OATMEAL As regards oats, the decrease is six euros to place the contracts for December at ...

Source: Castilla