US: The European wheat crop is negatively affected by high rainfall

Nuts & Seeds
Published Apr 19, 2024

Tridge summary

In the latest trading session, agricultural commodity markets displayed mixed results across America and Europe. The U.S. saw modest gains in key commodities such as wheat, corn, soybeans, and canola, attributed to factors like a stronger U.S. dollar, a weaker Brazilian real, and unfavorable weather conditions impacting the global competitiveness of U.S. grains, especially soybeans. However, favorable soil moisture conditions are supporting early-stage corn and soybean yields in the U.S. In contrast, Europe experienced increases in prices for mill wheat, corn, rapeseed, and feed wheat. Additionally, the lifting of restrictions by the Panama Canal Authority could further influence commodity prices by addressing freight issues.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In America, you could see minuses, while in Europe you could see pluses on the Thursday trading day on the crop markets. In Chicago, wheat was up 0.1 percent, corn 0.6 percent, soybeans 1.4 percent, and canola 0.2 percent more than the previous day. In Europe, the course of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in profit. A number of factors have undermined the competitiveness of US grains in global export markets – particularly soybeans. “A stronger dollar and a weaker Brazilian real are widening the margin in Brazil's favor,” said Karl Setzer of Consus Ag Consulting. The U.S. dollar index rose 0.2% and is on track to rise as expectations for Federal Reserve rate cuts move further into the year. According to Setzer, the weekly export sales report was not good for soybeans either. This week's report showed sales of soybeans in line with analysts' expectations, but at a low level overall. U.S. corn and soybean yields are under ...
Source: AgroForum
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