Global grain market: Chicago kicks off the week with a decline, impressed by forecasts of large harvests in the United States

Published 2021년 9월 14일

Tridge summary

Chicago wheat prices dropped on September 13, 2021, due to easing global supply concerns following the USDA's report raising the global wheat stocks forecast. Meanwhile, soybean and corn prices are under pressure due to expectations of near-record harvests and export suspension following Hurricane Ida damage. Morocco plans to lift import duty on soft wheat from November to ensure domestic market and price stability. The French grain market saw an uptick in prices for milling wheat and corn on the Parisian MATIF stock exchange on the same day.

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Original content

Wheat prices dropped in Chicago on Monday, September 13, 2021, amid easing worries about global supplies. The US Department of Agriculture (USDA) in its September report raised its forecast for world wheat stocks. By the end of the trading day, the December quotations of CBOT winter soft wheat in Chicago fell to $ 252.43 per ton, KCBT durum winter wheat futures in Kansas City rose to $ 252.15 per ton, September MGEX spring durum wheat futures in Mineapolis fell to $ 321.87 ... Soybeans in Chicago closed lower on Monday as farmers are expected to harvest near-record crops, although stronger-than-expected weekly export sales have eased losses. The forecast for the US soybean crop was also raised by the USDA after several well-timed rains in August raised expectations for a record harvest in key regions of its production. Corn has also come under pressure from the harvest. On Friday, the USDA raised its forecast for the US corn harvest by 1.7% after it became clear that farmers have ...

Source: Oilworld