Global: Only the price of corn in Chicago closed the week with a surplus

Updated Sep 24, 2023
The week ended with a mixed performance on the crop markets on Friday's trading day. In Chicago, wheat rose by 0.6 percent, corn by 0.4 percent, and soybeans by 0.1 percent, while the price level of canola decreased by 1.5 percent. In Europe, both mill wheat and feed wheat became cheaper, while corn and rape also rose in price.
The US soybean futures rose on Friday with a slight technical recovery, so the exchange rate moved from the six-week low, while corn and wheat also rose in price due to the purchases considered "bargain", but the strengthening in all three markets was limited by the strong US dollar, analysts said. . The strong dollar floated above markets at a time when American grains are already struggling to compete in the global export market with wheat from Russia and corn and soybeans from Brazil. Our biggest problem right now is the demand for American products" said Jim McCormack, managing partner of “We're just not competitive at these prices - Russia can offer better deals in wheat, South America in corn and soybeans. The dollar has something to do with it, of course,” McCormack said. The dollar index hit a six-month high as the US central bank warned that interest rates would remain higher than expected. However, droughts in Argentina and Australia could tighten global ...
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