USA: The price of wheat fell to a thirteen-month low
Wheat
Soybean
United States
Published Dec 6, 2022
Tridge summary
Trading on the produce markets started this week with a slight advantage for sellers. In Chicago, wheat became cheaper by 2.8 percent, while soybeans rose by 0.1 percent and canola by 4.2 percent. In Europe, the price of mill wheat, corn and fodder wheat also closed in the red, but the price of rapeseed rose. Analysts said Chicago wheat prices fell on Monday as higher global supply pressured them, despite stronger-than-expected weekly US exports.
Original content
Corn prices eased under pressure from cheaper wheat, although dry conditions in South America supported it. Soybeans were also in the red for most of the day, supported by export demand and strong soybean meal trade, while wheat also weighed on the oilseeds market, traders said. Soybeans ended the day with a slight gain. The wheat exchange rate dropped to the lowest price level since October 18, 2021. Soybeans were also at their lowest level since August. Analysts said Russian export wheat prices fell last week due to a record crop in Russia and active shipments from the Black Sea. "The world's largest exporter sets the prices and they are lower" said Don Roose, president of US Commodities. Australia's wheat crop is expected to reach 62 million tonnes this year, despite extensive flooding in the country's eastern regions, according to the Australian Bureau of Agriculture and Resources (ABARES). Pakistan plans to import 450,000 tonnes of wheat from Russia ahead of the next ...
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