In U.S, the price of soybeans is at a two-month high

Wheat

Soybean

Canola Seed & Rapeseed

Maize (Corn)

United States

Published Dec 1, 2022

Tridge summary

Buyers took the lead in the crop markets during the trading day on Wednesday. In Chicago, wheat rose by 1.5 percent, soybeans by 0.7 percent, and canola by 1.2 percent, while corn fell by 0.5 percent. In Europe, the courses of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, also closed in the red.

Original content

Chicago wheat rose for a second straight trading day on Wednesday, supported by the end of month-end short sales and investor hopes that China will relax its COVID-19 rules. Grain prices fell significantly in November on news about Black Sea stocks. Soybeans also rose to a two-month high. Investors are pricing in optimism that China will ease restrictions that have sparked rare public protests. Expectations for demand were boosted by news from the country of the huge raw material importer. According to the US Department of Agriculture (USDA), US exporters sold 136,000 tonnes of soybeans to China for delivery in 2022/2023 yesterday. "The closing of positions at the end of the month can be observed more than anything else in wheat" said Karl Setzer, market analyst at Agrivisor, adding that Chicago wheat looks technically oversold. According to Setzer, worries about dry conditions damaging the U.S. and Argentinian wheat crops are mostly offset by a jump in the Canadian crop and an ...

Source: AgroForum