Heat is Intensifying in the Wheat Market Due to the Approaching Heatwave

In both America and Europe, major crop prices rose this week. In Chicago, wheat increased by 4 percent, corn by 7.9 percent, soybeans by 1.7 percent, and rapeseed by 4.5 percent. In Europe, the price of milling wheat rose by 0.8 percent, corn by 1.8 percent, rapeseed by 2.2 percent, and feed wheat by 1.1 percent compared to a week ago. The American corn-producing region is expected to be hit by hot and dry weather next week, which could cause some stress to American crops, following a summer largely characterized by favorable temperatures and precipitation. Grain traders have priced in the weather premium in futures trading, anticipating that the heat arriving in the Midwest and South will cause problems. Soybean oil futures dropped 1 percent after rising for six consecutive days. The impulse was caused by the strengthening of palm oil prices and signs of stronger soybean oil demand from this week's soybean market report. "This will likely not reinterpret the fundamental outlook ...