The market is waiting for Friday's US harvest report

Published 2023년 5월 11일

Tridge summary

On May 11, 2023, the agricultural market saw mixed results with wheat and soybeans prices decreasing, while corn and canola prices increased in Chicago. In Europe, mill wheat, corn, and fodder wheat prices declined, but rapeseed prices increased. The focus is on the upcoming USDA crop report, which will include estimates for the 2023/2024 crop year and demand estimates, which could impact the domestic inventories of corn and soybeans. Additionally, negotiations have begun to extend the Black Sea Grain Shipping Initiative, which is set to expire on May 18, and inspections of ships have resumed under the initiative.

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

Original content

In America, Wednesday brought a mixed mood, while in Europe, the sellers prevailed on the crop markets. In Chicago, wheat fell by 0.5 percent and soybeans by 0.7 percent, while corn rose by 1.4 percent and canola by 0.6 percent. In Europe, the price of mill wheat, corn and fodder wheat also closed in the red, but the price of rapeseed rose again. Grains and oilseeds traders increasingly focused on Friday's big crop report from the US Department of Agriculture (USDA)” says Arlan Suderman, StoneX's chief commodity market economist. This will be the first crop report to officially include USDA estimates for the new 2023/2024 crop year. However, the main focus will likely be on USDA's demand estimates. This should justify significant increases in demand for corn and soybeans, which could prevent significant increases in U.S. domestic corn and soybean inventories.” Arlan Suderman also noted that formal negotiations have begun to extend the Black Sea Grain Shipping Initiative. In the ...

Source: AgroForum