USA: The futures price of wheat fell due to favorable growing conditions

Published Mar 2, 2024

Tridge summary

On the last trading day of the week, prices for wheat, corn, soybeans, and canola in the US, as well as mill wheat, corn, and fodder wheat in Europe, fell. However, rapeseed prices rose in Europe. The US wheat market is under pressure due to uncompetitive export markets and favorable winter crop growing conditions. The grain sector is closely monitoring fund flows. The Renewable Fuels Association expressed disappointment over the Biden administration's delay in introducing a new model for calculating life-cycle carbon emissions of renewable fuels, including sustainable aviation fuel (SAF), as this could potentially increase corn demand.
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

In America, a mixed picture emerged on the crop markets on the last trading day of the week, but in Europe, it was more likely that sellers prevailed. In Chicago, wheat became cheaper by 2.8 percent, corn by 1.2 percent, soybeans by 0.8 percent, and canola by 0.1 percent more than the previous day. In Europe, the course of mill wheat, corn and fodder wheat also closed in the red, and rapeseed rose in price. Sellers have arrived in the wheat market as the U.S. crop remains uncompetitive in export markets — and there are no signs of fresh impacts on U.S. winter wheat. “Wheat prices are being weighed down by favorable growing conditions for the winter crop in the U.S. and the idea that any weather stress could have a limited impact on production,” said Karl Setzer of Consus Ag Consulting. He adds that the tendency of world market prices to fall also affects wheat. The trading pattern remained the same throughout the day for grains, with corn and wheat falling while soybeans rose. For ...
Source: AgroForum
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