USA: April brought a big price drop on the crop markets

Published 2023년 4월 29일

Tridge summary

The agricultural market saw mixed trends on Friday, with prices increasing in the US and decreasing in Europe. In the US, wheat, corn, and soybeans became more expensive, while rapeseed prices fell. In Europe, mill wheat, corn, and rape prices dropped, but fodder wheat prices rose. The Renewable Fuels Association believes that the EPA's decision to allow the sale of E15 gasoline contributes to expanding the gasoline supply and reducing emissions. Despite this, many grain futures have fallen below moving averages and technical support levels. The USDA reported that 400,000 tons of corn were sold for export, with Japan being the largest buyer. Overall, prices have fallen by double-digits in the US and Europe over April.

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

Original content

Friday's trading day brought more price increases in America, while prices in Europe tended to decrease. In Chicago, wheat rose by 0.7 percent, corn by 0.6 percent, and soybeans by 1.1 percent. In the meantime, the price of rapeseed decreased by 2.7 percent. In Europe, the price of mill wheat, corn, and rape also fell, while the price of fodder wheat rose. According to Geoff Cooper, CEO of the Renewable Fuels Association, “US gasoline stocks are even tighter than they were a year ago, and Russian President Vladimir Putin's war on Ukraine continues to wreak havoc on global fuel supplies. The action of the EPA (Environmental Protection Agency), which enables the sale of E15 gasoline with a 15 percent ethanol content in the summer, helps to expand the gasoline supply, prevent fuel shortages, protect air quality, and reduce carbon dioxide emissions." Bob Linneman, a commodities trader at Kluis Commodity Advisors, said negative news has weighed on prices this week. Many grain futures ...

Source: AgroForum