Wheat drops 1.5% on Ukrainian supply hopes while soybeans ease

Published 2022년 11월 16일

Tridge summary

Chicago wheat prices have experienced a decline for the first time in four sessions, returning to a one-week low following a brief spike to a one-week high on Tuesday. This drop is attributed to optimistic expectations for an extension of the Black Sea export deal, which has supported Ukrainian grain exports despite the ongoing political tensions between Poland and Russia. In addition to wheat, soybean and corn prices also saw minor declines after previous increases. The potential extension of the export deal and robust demand for soybeans are influencing the grain futures market. Notably, European Union soft wheat exports have seen a significant increase compared to last year, reaching 13.35 million tonnes so far in the 2022/23 season.

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

Original content

SINGAPORE (Nov 16): Chicago wheat slid for the first time in four sessions on Wednesday, retreating from previous day's one-week high, as prices were pressured by hopes of an extension of a Black Sea export deal despite reports of missiles hitting Poland. Soybeans and corn prices eased after closing higher on Tuesday. "The market is expecting Ukrainian exports to continue as the deal is likely to be extended," said one Singapore-based trader. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.5% at US$8.15-3/4 a bushel, as of 0402 GMT, after climbing to its highest since Nov. 8 at US$8.43 a bushel on Tuesday. Soybeans lost 0.6% to US$14.48 a bushel and corn gave up 0.7% to US$6.62-1/4 a bushel. NATO member Poland said on Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russia's ambassador to Warsaw for an explanation after Moscow denied it was responsible, raising political tensions. US President Joe ...

Source: Theedgemarkets