Rising prices: Hot, dry weather will remain in Europe

Maize (Corn)

Soybean

Canola Seed & Rapeseed

Wheat

United States

Published Aug 11, 2022

Tridge summary

There was a mixed mood on the produce markets on Wednesday. In Chicago, wheat rose by 2.7 percent, corn by 1 percent, soybeans by 0.2 percent, and canola by 0.4 percent. In Europe, the price of mill wheat rose by 0.1 percent, that of corn by 0.9 percent, and that of feed wheat by 1.1 percent, meanwhile the price level of rape decreased by 0.2 percent.

Original content

U.S. corn futures edged higher on Wednesday, adding to early positive sentiment in U.S. trading, while soybeans and wheat hit fresh one-week highs as hot, dry weather persisted in parts of the U.S. and Europe, lifting harvest risk. At the end of the day, the price of soybeans turned slightly negative. Traders also adjusted positions ahead of Friday's monthly report from the US Department of Agriculture (USDA). According to a Reuters survey of analysts, the outlook for US corn production is expected to be cut. "The weather at the end of August remains a major concern and could reduce the potential for US yields," said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage. "Given the problems in different parts of the country, the trade is trying to price in how low the U.S. yield can be." Soybeans and wheat hit their highest prices since Aug. 1, while corn's value on Tuesday was the highest this month. Parts of the Midwest have seen rain in recent days, but the heat is ...

Source: AgroForum