Global: Exchange prices for wheat, corn, and soybeans increased due to the condition of crops

Published 2023년 6월 22일

Tridge summary

A recent USDA crop status report has led to a significant increase in wheat prices due to a decrease in spring wheat crops in good or excellent condition and a delayed threshing of winter wheat. The harvest is expected to be one of the worst in the last 50 years due to a prolonged drought. Additionally, the forecast for the corn harvest has also been reduced due to dry and hot weather in the Midwest, leading to near-annual high prices. Soybean prices have also increased due to crop stress in some growing regions. The Environmental Protection Agency's release of the official Renewable Fuel Standard regulations has also impacted the market, setting biomass diesel at 2.82 billion gallons for 2023 and increasing to 3.04 billion gallons by 2024.

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

Original content

Wheat rose 3.5-5.6% on USDA crop status report According to USDA's NASS report, as of June 18 in the US due to a lack of moisture, the number of spring wheat crops in good or excellent condition decreased by 7% to 51% for the week (59% last year). Winter wheat is threshed on 15% of the area (23% last year, 20% on average for 5 years on this date). Due to the prolonged drought, the wheat harvest will be one of the worst in the last 50 years. In the June USDA report, it was estimated at 45.3 million tons, which will exceed the 44.9 million tons of the current non-harvest season, but will be inferior to the 5-year average of 48.7 million tons. The pressure on prices was increased by a decrease in crop forecasts in Russia and Germany . SovEkon experts reduced the estimate of the wheat harvest in the Russian Federation by 1.2 million tons from 88 to 86.8 million tons, barley - from 20.8 to 19.9 million tons, corn - from 14.8 to 14.6 million tons. Forecast the wheat harvest was revised ...

Source: Agroconf