USA: Prices fell on news of the first grain shipment

Published 2022년 8월 2일

Tridge summary

Prices in produce markets fell on Monday, with wheat, corn, and soybeans experiencing declines in Chicago, and all four priority agricultural products closing in the red in Europe. The drop in U.S. corn and wheat futures is attributed to the resumption of grain exports from Ukraine, as the first cargo ship left a Ukrainian port under a new deal. This comes amidst concerns of recession and slowdown in China's growth, impacting commodity markets. Traders are now awaiting the U.S. Department of Agriculture's report on the impact of recent heatwaves on U.S. crops. Additionally, a shipment of grain departed from a Ukrainian port for Lebanon, marking the first since the war disrupted exports, although key procedures for efficient shipping are yet to be established.

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

Original content

Prices fell on the produce markets on Monday. In Chicago, wheat lost 0.9 percent, corn lost 1.4 percent, and soybeans lost 4 percent. The rate of rape rose by 3.4 percent. In Europe, the rates of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. U.S. corn and wheat futures fell on Monday as the first grain cargo ship left a Ukrainian port under a new deal on a secure shipping channel. All this fueled hopes that Ukraine's seaborne grain exports could resume in a big way after the war had so far blocked them. Soybean futures fell about 4% on profit-taking at the start of a new month after the benchmark November contract rose nearly 12% last week. Widespread weakness in commodities, including crude oil, was felt in markets due to recession fears. Growth in China, the world's largest buyer of soybeans, slowed down in July, economic data showed in the second quarter, easing somewhat due to strict domestic COVID-19 restrictions. ...

Source: AgroForum