USA: Full harvest in Russia pressures wheat on the Chicago Stock Exchange

Published 2022년 11월 29일

Tridge summary

Wheat prices on the Chicago Stock Exchange fell due to the potential of increased supply from Russia, with March cereal contracts dropping 2.04% to $7.8075 a bushel. The price of Russian wheat is lower than that of American wheat, and private consultants estimate that Russia will harvest over 100 million tons in the 2022/23 season. However, the decline in prices may not last due to harvest problems in the Southern Hemisphere, such as crop failure in Argentina and worsening Australian wheat quality. The climate situation during winter planting in the Northern Hemmerce could lead to price increases, and investors will follow reports from the top five wheat exporters in the Northern Hemmerce, including Russia, Ukraine, the European Union, the United States, and Canada.

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

Original content

Wheat retreated on the Chicago Stock Exchange on Monday, pressured by the prospect of increased Russian supply. March cereal contracts, the most liquid, fell 2.04% to US$7.8075 a bushel. “Russia's wheat supply continues to pressure the market, even though shipments are moving 'sideways' at the moment. The price of Russian cereal is around US$ 350 a ton, below US$ 420 for American wheat”, assesses Marcelo de Baco, a runner in the wheat market. Private consultants estimate that Russia will harvest more than 100 million tons in the 2022/23 season. Baco believes, on the other hand, that the decline in prices should not last, as there are problems with the harvest in the Southern Hemisphere. He cites the crop failure in Argentina, which compromised the exportable surplus, and the worsening quality of Australian wheat. With the continuity of the Ukrainian grain corridor through the Black Sea priced, Marcelo de Baco says that investors should now follow the final phase of winter wheat ...

Source: Suinoculturaindustrial