USA: The price of soybeans and corn is rising after a deep price drop

Wheat

Published Mar 6, 2024

Tridge summary

The first trading day of the week saw an increase in crop market prices, with wheat and corn rising by 1.2 percent, and soybeans by 0.3 percent in Chicago, while rapeseed fell by 0.5 percent. In Europe, mill wheat, canola and fodder wheat also saw a surplus, but corn prices fell. The price level of US soybean and corn futures rose due to their previous low rates, but the increase was limited by the abundant supply from South America. The US and Brazil, the world's largest soybean exporter, are in competition for export sales to importers such as China.

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Original content

Rather, price increases could be seen on the first trading day of the week on the crop markets. In Chicago, wheat rose by 1.2 percent, corn also by 1.2 percent, and soybeans by 0.3 percent, but rapeseed was 0.5 percent less than on Friday. In Europe, mill wheat, canola and fodder wheat also closed in surplus, while corn became cheaper. According to analysts, the price level of US soybean and corn futures rose on Monday because the rates had previously fallen to such an extent that they could be considered bargain purchases, after they were recently at three-year lows, but the abundant supply from South America limited the increase. US Commodities President Don Roose said commodity funds covered short positions after the decline in U.S. markets and began pricing in the U.S. Department of Agriculture's (USDA) monthly supply and demand report on Friday. Traders will appreciate the USDA's latest estimates of South American corn and soybean production. Questions remain about how poor ...

Source: AgroForum