In U.S, the price of wheat rises from a sixteen-month low

Canola Seed & Rapeseed

Published Jan 26, 2023

Tridge summary

In America, there was a mixed mood on the crop markets on Wednesday, in Europe, the buyers were more dominant. In Chicago, wheat rose by 0.8 percent and soybeans by 1.1 percent, while corn fell by 0.4 percent and rapeseed by 1.2 percent. In Europe, the price of mill wheat, corn and fodder wheat also closed in surplus, while the price level of rapeseed, on the other hand, decreased.

Original content

U.S. wheat futures rose on Wednesday, as a rise in the price of Indian inventories boosted prospects for increased demand for U.S. exports. "The Asian country has historically not been a major exporter, but in the 2021/22 farming year they harvested a record amount, then they stopped exporting in May and now they are facing supply problems" - pointed out Matt Zeller, one of the managers of the StoneX brokerage company. Traders also said that technical-based buying and short positions also supported the market after the price of the Chicago wheat contract fell to a 16-month low on Monday. Corn and soybean futures also rose earlier in the day, but gains were limited by recent rains in Argentina, a key global supplier. Here, the drought at the beginning of the growing season raises serious harvest deficits. At the end of the day, the price of corn turned negative. "As the weather improves in South America, it will be difficult to carry these price increases very far, to sustain them ...

Source: AgroForum