Vendor prices came under pressure during Tuesday’s trading. In Chicago, wheat went down by 3 percent, corn by 2.1 percent and canola by 1.9 percent. Soybeans rose 0.3 percent. In Europe, the courses for all four major agricultural products, milled wheat, maize, rapeseed and feed wheat, were also in the red.
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U.S. corn futures prices fell 2.8 percent to a six-week low on Tuesday as a result of a government report that farmers have been pace with sowing work over the past week, traders said. “This is likely to alleviate past concerns that delays in sowing could lead to lost yields or even a last-minute switch to soybeans,” Commerzbank said. Wheat futures quotes also fell sharply after Analyst APK-Inform raised its forecasts for grain production and exports in Ukraine in 2022/23 due to better-than-expected harvest forecasts. Soybean futures prices were also lower, but the decline was kept in check by concerns that sowing remained slow in key production areas such as North Dakota and Minnesota. The U.S. Department of Agriculture (USDA) said 72% of U.S. corn production was sown by May 22, close to the peak of market expectations and a big improvement from the previous week’s 49%. “Give the American farmer a chance and they’ll put the grain in the ground,” said Mark Gold, managing partner ...
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