Global: USDA cuts push corn prices to 4-month highs

Published Nov 11, 2024

Tridge summary

The USDA's report on the global decrease in production and stocks of major agricultural crops has led to a significant increase in prices in the reference exchanges. Corn prices have seen the largest increase, rising by up to 11 euros in Paris and 9 euros in Chicago. Soybeans and rapeseed have also experienced a sharp rise in price, while wheat prices have seen the least increase. Oats, on the other hand, saw the largest drop in price on the Chicago market. The reduction in stocks and global production, as reported by the USDA, has contributed to the market's reaction.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The latest report from the United States Department of Agriculture (USDA) on the global evolution of production and stocks has conditioned the evolution of the prices of the main agricultural products in the reference exchanges with an increase of up to 11 euros for corn, 15.40 for soybeans and more than 19 for rapeseed. Strong rise in corn after the data from the "bible" of cereals was known. Thus, the Paris Stock Exchange recorded an increase of 11 euros per tonne for contracts closed for March, which are placed at 211 euros, while in Chicago this increase is 9 euros to reach 158.31 euros per tonne for the consignments that will arrive at their destination in December. This strong increase in the prices of this cereal is explained by the reduction of production and stocks by the USDA not only in the United States but also in the whole of the world market. This situation has caused corn to rebound to reach the highest prices in the last four months. Wheat Wheat is the cereal that ...

Source: Agromeat