Global wheat and soybean prices are at their lowest this year
Canola Seed & Rapeseed
United States
Published May 31, 2023
Tridge summary
Crop prices fell on Tuesday's trading day after the long weekend. In Chicago, the price of wheat fell by 4.1 percent, but soybeans also became cheaper by 3.1 percent. You had to pay 1.5 percent less for corn and 0.9 percent less for rape. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed, and fodder wheat, closed in the red.
Original content
Crop prices fell on Tuesday's trading day after the long weekend. In Chicago, the price of wheat fell by 4.1 percent, but soybeans also became cheaper by 3.1 percent. You had to pay 1.5 percent less for corn and 0.9 percent less for rape. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. Grains markets were hit hard by more-than-expected precipitation in the western half of the U.S. corn belt over the weekend, and extended forecasts show some additional rain in the dry eastern corn belt as well. In addition, the price of crude oil moved sharply downwards, and the prices of Russian wheat offers also decreased significantly. This combination was very negative for corn, soybean and wheat prices. Soybean and wheat futures fell to new lows in 2023. According to the USDA Crop Progress report, 69% of corn fell in the good to excellent range, compared to 73% last year. 83% of soybeans and 85% of spring wheat went into the ...
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