The price of wheat in United States is at a three-month low due to export competition
Canola Seed & Rapeseed
Soybean
Maize (Corn)
Wheat
United States
Published Dec 3, 2022
Tridge summary
By the last day of the week, the sellers dominated the produce markets. In Chicago, wheat became cheaper by 2.8 percent, corn by 2 percent, and canola by 3.6 percent compared to Thursday. The soybean exchange rate rose by 0.7 percent. In Europe, the rates of all four priority greyhound products, mill wheat, corn, rapeseed and fodder wheat, also closed in the red.
Original content
Chicago wheat prices fell back to a three-month low on Friday as modest weekly US exports continued to focus traders on competition from cheaper Black Sea supplies. The price of corn also fell, while soybeans rebounded, consolidating the price level after the previous trading day's decline. A record Russian harvest and grain export shipments from Ukraine have intensified export competition for US shipments. "We are worried about Ukraine and Russia. They keep flooding the world market with wheat and their prices are much cheaper than ours,” said Jack Scoville, vice president of the Price Futures Group. The U.S. Department of Agriculture (USDA) said 162,500 tons of U.S. wheat were exported in the week ended Nov. 24, well below analysts' forecast range of 300,000 tons to 725,000 tons. Wheat prices fell despite Canada's overall wheat crop being smaller than expected due to dry conditions. However, French crops are in good condition at the start of winter, with an estimated 98% of ...
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