USA: Russian wheat is cheap, which means external pressure on the markets
Canola Seed & Rapeseed
Nuts & Seeds
Published Mar 28, 2024
Tridge summary
In the recent trading session, the agricultural commodity market experienced a downturn, with significant crops like wheat, corn, and soybeans witnessing declines of 2.2%, 1.3%, and 0.9% respectively in Chicago, despite a 2.4% increase in rapeseed prices. This trend was mirrored in Europe, where prices for mill wheat, corn, rapeseed, and fodder wheat also fell. The anticipation of upcoming USDA reports has led to cautious trading, impacting May wheat futures alongside the pressure from lower Russian wheat export prices. Additionally, weather conditions in Brazil and Russia, along with soil moisture levels in northeastern Nebraska, are key factors affecting crop prospects. This overall decline in crop prices reflects a cautious market sentiment and external pressures influencing the agricultural sector.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Minuses dominated the crop markets on Tuesday's trading day. In Chicago, wheat fell by 2.2 percent, corn by 1.3 percent, and soybeans by 0.9 percent less than the previous day. The price level of rapeseed rose by 2.4 percent. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. May wheat futures fell more than 2 percent in the Chicago market, as traders remained cautious ahead of reports from the United States Department of Agriculture (USDA) on Thursday. Export prices of Russian wheat remained low compared to crops in other countries, which meant external pressure on American wheat futures. The prices established by the markets are lower than in other areas such as France and the United States. An assessment of the impact of moisture on corn at the end of Brazil's fall planting season has put additional pressure on Chicago corn. "Normal weighted precipitation in the production belt over the past 30 days has been ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.