Russian uncertainty and Chinese demand boosted prices in US

Canola Seed & Rapeseed

Published Mar 25, 2023

Tridge summary

The week ended with definite increases on the crop markets. In Chicago, wheat rose by 4.2 percent, corn by 2 percent, soybeans by 0.8 percent, and canola by 2.1 percent. In Europe, the course of all four priority greyhound products, mill wheat, corn, rapeseed and fodder wheat, also closed in profit. The Chicago wheat price rose on Friday, amid market discussions about Russia stopping wheat exports, the price level of corn futures continued to rise, and prices closed higher for the second week due to hearty Chinese demand. The Russian economic newspaper Vedomosti reported that Moscow may propose a temporary suspension of wheat and sunflower exports. However, sources later told Reuters that Russia had no plans to stop wheat exports, but wanted exporters to ensure that prices paid to farmers were high enough to cover average production costs.

Original content

Interest in wheat was so intense that all reactions are significantly amplified - highlighted Jack Scoville, market analyst of The Price Futures Group. Corn reached its highest price since February after U.S. exports to China increased. Private exporters reported selling another 204,000 tons of corn to China, the United States Department of Agriculture (USDA) said on Friday. This means a total of more than 2.75 million tons since March 14. Continued Chinese demand for U.S. corn was boosted by the end of the Brazilian season as Brazil prepares to export more soybeans, Scoville added. This means that agricultural interest is coming from much of the world and this is reflected in the price movements of the last few weeks Scoville said. In Europe, mill wheat went up by 14.25 euros to 259.25 euros, corn went up to 253.75 euros after a price increase of 11 euros, rapeseed went up to 457 euros due to a jump of 20.75 euros, and ...

Source: AgroForum