The week started in a good mood on the produce markets, with prices rising everywhere. In Chicago, wheat rose by 1.4 percent, corn by 0.8 percent, soybeans by 0.1 percent, and canola by 1.1 percent. In Europe, the courses of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, also closed in the red. The exchange rate of Chicago wheat increased compared to previous levels, partly due to the uncertainty of Black Sea exports. The price of soybeans also rose, which was supported by a sharp increase in the price of soybean oil. Private exporters reported selling 112,800 tons of corn to unknown destinations, the United States Department of Agriculture (USDA) said. Analysts said after last week's strong demand from China, corn prices fell during the day as traders focused on weather conditions and the timing of planting new crops and expected delays. "Wheat varieties also became more expensive," added Fritz.

Kansas wheat has to deal with the drought of the southern plains, and spring wheat has to deal with the lack of snowmelt.” he added. Traders are also pricing in uncertainties surrounding the Black Sea grain trade, after the Russian economic newspaper Vedomosti reported on Friday that Moscow may propose a temporary halt to wheat and sunflower exports. Sources later told Reuters that Russia had no plans to stop wheat exports, but wanted exporters to ensure that prices paid to farmers were high enough to cover average production costs. In Europe, mill wheat rose to 266.75 euros after a 7.5 euro increase, corn to 260.75 euros after a 7 euro price increase, rapeseed to 471.75 euros after a 14.75 euro jump, and feed wheat to 208 pounds ...

Source

AgroForum

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