Wheat prices drop worldwide as bird flu cases are feared to rise

Published 2023년 3월 2일

Tridge summary

US agricultural markets experienced a month-end liquidation round, with significant declines in key crops. Corn prices hit a six-month low, and soybeans saw their first monthly decline since September. This sell-off was due to investment funds abandoning the agricultural commodity sector, prompted by concerns over global demand and uncertainty caused by avian flu and climate uncertainties. Additionally, increased advancements of the Russian military in Ukraine and concerns over potential impacts on humanitarian corridors and agricultural production contribute to the market volatility. In Europe, wheat and oilseed prices are also under pressure, with Turkey significantly reducing its wheat purchases mainly from Russia, leading to an oversupply and downward pressure on prices.

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

Original content

US agricultural markets were subject to a month-end liquidation round by investment funds yesterday. Corn prices fell to their lowest level in more than six months, down 2.06%, posting losses of 7.3% in February, their biggest monthly drop since June. Soybeans posted the biggest declines on Tuesday, dropping 2.23%, the biggest one-day drop since December 1. For the month, soybeans fell 3.8%, the first monthly decline since September. The rest of the soybean complex was also in the red, with soybean meal posting significant losses of about 3%, while soybean oil prices fell 0.5%. Wheat prices attempted a turnaround, but eventually declined as well. Chicago SRW, in fact, finished the session with losses of 0.63% and posted a monthly decline of 7.3%, its fifth consecutive monthly decline. Kansas City HRW went home in the red by 0.52% for the session. Minneapolis spring wheat was firmer, but still finished the day down 0.2%. Soybeans were the most vulnerable to yesterday's sell-off as ...

Source: Inuovivespri