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The crop markets are also waiting for the US interest rate hike decision

Updated Mar 22, 2023
The mood is not very good on the crop markets, the most important futures prices fell without exception in Chicago and Europe. In America, wheat went down by 2.8 percent, corn by 0.6 percent, soybeans by 1.3 percent, and canola by 1.7 percent, compared to the previous day. In Europe, the rates of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. Chicago soybean futures reversed gains and closed in the red on Tuesday, weighed down by estimates of rising Brazilian production, while corn and wheat prices also fell as markets cautiously watched for an expected interest rate hike by the US central bank, the Federal Reserve.
Wheat and corn continued to be constrained by the expansion of a Black Sea export corridor from Ukraine, while improved wheat crop conditions in some US states and expected rain in Brazil and drought-stricken Argentina also weighed on grain prices. The value of soybeans decreased after the Brazilian agricultural consulting firm Agroconsult increased the estimate of the country's soybean crop to a record level of 155 million tons from the previous 153 million tons, following a survey of the country's soybean production areas. Investors expected the US central bank to take a less aggressive line in its interest rate announcement on Wednesday. I think everyone is just taking a low profile until they get some indication of what the Fed is going to do with its interest rate policy.” said Dale Durchholz, commodity market analyst at Grain Cycles. Renewal of the Black Sea grain deal continued to hold prices back, although the United States pushed back on Russian demands to ease Western ...
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