Prices rose on the produce markets on Wednesday. In Chicago, the minimum price increase of 0.01 percent of wheat can be regarded as stagnation, basically stabilization after the fall of the past few days. Corn rose in price by 0.8 percent and soybeans by 1.3 percent, the 1.1 percent drop in rapeseed being an exception. In Europe, the course of mill wheat, corn and fodder wheat also closed in surplus, the price level of rapeseed decreased.
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Chicago wheat rallied on technical buying on Wednesday, after falling to a 13-month low earlier this week on global stockpiles. The soybean futures price level also strengthened, which was supported by the optimism of export demand and the drought experienced in Argentina, the largest exporter. Corn also rose in price despite the weakening crude oil market, wheat and soybeans also supported the rise. "After hitting a one-year low, some traders saw wheat as a buying opportunity" said Terry Reilly, senior agricultural futures analyst at Futures International. Export demand was strong this week, although US wheat remains expensive relative to Black Sea stocks. Rising Russian exports continue to put pressure on US wheat. According to agricultural consultancy Sovecon, exports from October to December are expected to reach 12.7 million tonnes, which is 33% more than the same period in 2021. Forecasts for a record crop in Australia also eased global supply concerns and weighed on US ...