US: Bargain buyers fail to lift all grain prices

Published Sep 27, 2022

Tridge summary

Grain prices saw mixed results on Tuesday, with wheat experiencing the best gains of around 1.5%. Corn and soybeans had more modest increases, while soybeans dipped into the red with minor losses. Hurricane Ian's approach and the latest weather forecast from NOAA were among the factors influencing the market. The Dow continued its downward trend, but energy futures rebounded. Meanwhile, EU corn imports have surged by 81%, with Brazil's corn export expectations being revised down. South Korea has purchased significant amounts of animal feed corn, and China is planning its first wheat auction of the season. Wheat production in Brazil is expected to reach a record 401.8 million bushels, and Japan has issued a tender to purchase food-quality wheat from the U.S. and Canada.

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

Original content

After taking a beating yesterday, grain prices tested mild to moderate overnight gains after attracting some bargain buyers. But Tuesday’s session closed with variable results. Wheat fared the best, with most contracts up around 1.5%. Corn gains were more modest, at around 0.3% to 0.4%. Soybeans tipped back into the red by the close, but losses were minor. As Hurricane Ian moves closer to making landfall, Floridians are bracing for damaging winds and flooding. Meanwhile, the Midwest and Plains will see little to no additional moisture between today and Friday, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day outlook predicts mostly warmer and drier-than-normal conditions for the central U.S. between October 4 and October 10. On Wall St., the Dow was once again in the red, falling 214 points in afternoon trading to 29,046, putting it more than 21% below its all-time high. Energy futures improved after big losses yesterday, with crude oil up ...

Source: Prairie Grain Partners