US: Prices were dragged down by Brazilian and Russian influences

Nuts & Seeds
Published Apr 13, 2024

Tridge summary

In Thursday's trading, the agricultural markets saw notable movements with wheat, corn, and soybeans experiencing price declines in Chicago, while canola edged higher. European markets also reflected a downturn in prices for key crops. The USDA's reports indicating a drop in U.S. grain supplies due to higher ethanol and feed usage, alongside optimistic South American production forecasts, influenced market dynamics. However, Brazil's Conab reported lower projections for corn and soybeans due to poor weather, contrasting with the USDA's more positive outlook. Additionally, an unexpected increase in U.S. soybean volumes pressured futures, despite a brief price recovery. The USDA's revised forecast for Argentina's corn crop also fell below market expectations, adding to the complex factors impacting crop prices.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Strong seller pressure could be felt on Thursday's trading day on the crop markets, the only exception being overseas rape among the main contracts. In Chicago, wheat became cheaper by 1 percent, corn by 1.3 percent, and soybeans by 0.4 percent, while canola was 0.2 percent more than the previous day. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. Chicago corn prices fell on Thursday after the U.S. Department of Agriculture (USDA) forecast that U.S. domestic grain supplies will decline and more will be used to make ethanol and feed. The price of wheat also fell, although the tensions in the Black Sea region moderated the losses. The soybean futures price also followed the trend. Much of the trading day was focused on the USDA's monthly supply and demand report as it held firm in its forecasts for ample corn and soybean production in South America. The agency continued to paint a different picture of the Brazilian ...
Source: AgroForum
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