Investor optimism also helped the crop markets in the US and Europe
Wheat
Published Jan 26, 2023
Tridge summary
In America, a mixed picture emerged on the produce market, while in Europe, buyers dominated. In Chicago, wheat rose by 1.9 percent and corn by 1.7 percent. Soybean rates decreased minimally, while rape remained stagnant. On our continent, the prices of mill wheat, corn and rapeseed also closed in profit, while feed wheat lost its value.
Original content
Chicago wheat and corn futures rose on Tuesday, supported by investor optimism after rainfall eased in Argentina and major U.S. growing areas a day earlier. Soybean futures started the day firmer but failed to sustain the trend as more rain is forecast in South America. Soybean markets rallied early on Tuesday morning before retreating as recent rainfall in Argentina put pressure on the market, although some traders said this could have limited benefits for drought-hit soybean crops. "These weekend rains helped to stabilize the crop" said Joe Davis, director of commodity sales at Futures International. More rain is expected across Argentina next week, reducing early soybean growth and limiting the corn market. The dollar remained at a nine-month low against the euro as a key European business indicator and corporate earnings bolstered hopes that a sharp global economic downturn could be avoided. Wheat prices rebounded from pressure this week after rainfall in the United States ...
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