Investors were worried about the shrinking global supply

Published Oct 10, 2022

Tridge summary

The article reports on the closing prices for commodities in the agricultural market for the recent week. In the United States, wheat, corn, and soybeans all saw price increases, with wheat and soybeans rebounding after previous declines. However, rapeseed prices fell. In Europe, mill wheat, canola, and fodder wheat all experienced price increases, while corn saw a decrease. The rise in prices for soybeans and corn was driven by concerns over shrinking global supply, but potential economic concerns limited the gains. Additionally, the article highlights the uncertainty surrounding China's soybean purchases and the transportation of Ukrainian wheat to Ethiopia via the Black Sea Corridor.

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

Original content

The week ended with a majority of buyers on the produce markets. In Chicago, wheat rose by 0.5 percent, corn by 1.1 percent, and soybeans by 0.6 percent. The 0.7 percent decrease in rapeseed was an exception. In Europe, mill wheat, canola and fodder wheat also ended in a plus, here the exception was the minus of corn. U.S. soybean futures rose on Friday and bargaining took center stage after prices fell to their lowest level since late July a day earlier, traders said. Corn futures also closed higher after a sharp drop on Thursday. Wheat also became more expensive. All three commodities traded in positive and negative territory, with concerns over shrinking global supply providing support, while concerns over weakening economies limited gains. "The soybean market has become quite oversold, and we could very well see some short positions being closed out for the weekend," said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage. A rally in the crude oil market further ...

Source: AgroForum