Corn has not been this cheap since August in the global market

Published 2023년 3월 1일

Tridge summary

Crop prices have seen a decrease on the commodity markets, with corn, soybeans, and wheat futures experiencing a notable drop. The decline in soybeans, with a 2.2% decrease, is attributed to the liquidation of investment funds and the availability of newly harvested supplies from Brazil. Meanwhile, mill wheat, corn, rapeseed, and feed wheat in Europe also closed in the red. The price drop is due to the favorable supply situation and an increase in Russian exports, despite rain in the US winter wheat production zone and optimism about the Russian-Ukrainian export deal. Turkey's state grain buyer also purchased an estimated 790,000 tons of wheat in an international tender, including Russian wheat, Ukrainian wheat, and crops from other Black Sea countries.

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

Original content

Crop prices fell further on Tuesday on the commodity markets. In Chicago, the exchange rate for corn decreased by 2 percent and soybeans by 2.2 percent, meanwhile, the exchange rate for wheat decreased by 0.4 percent. The price level of canola has stagnated. In Europe, the rates of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. Corn futures in the United States fell to their lowest level in more than six months on Tuesday, and soybean and wheat futures also fell due to the liquidation of investment funds at the end of the month, traders said. Soybeans had the biggest fall, the price fell by 2.2% on the most active deadline, which is the biggest daily drop since December 1. Soybeans were the most vulnerable to selling, traders said, as wheat and corn had already fallen significantly since the start of 2023, while the soybean market had to catch up with trends. Liquidation of positions has begun and soybeans are catching up ...

Source: AgroForum