As the crop classification worsened, prices rose in United States

Maize (Corn)

Wheat

Soybean

Canola Seed & Rapeseed

United States

Published Aug 10, 2022

Tridge summary

The mood on the produce markets changed compared to Monday, buyers gained the upper hand overseas and in Europe as well. In Chicago, wheat rose by 0.2 percent, corn by 1.2 percent, and soybeans by 2.1 percent. In the meantime, rape lost 0.4 percent of its value. In Europe, the price of mill wheat decreased, but the price of corn, rapeseed and fodder wheat also closed in surplus.

Original content

U.S. corn and soybean futures climbed to their highest levels in more than a week on Tuesday on weaker weekly crop data and investors worried that warm, dry weather forecast for the West-Midwest would continue to weigh on crop. Wheat also rose as the dollar weakened, although gains were limited by pressure from cross-market positioning and resuming seaborne exports from Ukraine under the War Corridor agreement. Traders await Friday's monthly supply and demand forecasts from the US Department of Agriculture (USDA). However, weather and crop conditions remained primary concerns for the market after the USDA cut its weekly condition assessment for soybeans and downgraded corn by more than expected. The USDA said 58% of U.S. corn was in good-excellent condition Sunday, down 3 points from a week earlier and below the average trade estimate of 60%. Soybeans were rated good or excellent at 59%, in line with estimates but down one point from a week ago. "The growth of corn is related to ...

Source: AgroForum