Wheat became cheaper due to the strong start of the American harvest

Published Jun 20, 2024

Tridge summary

On Tuesday, the American crop market showed a balanced trend with falling prices for wheat, canola, corn, and soybeans, while Europe saw a dominance of sellers with minor fluctuations in crop prices. The U.S. winter wheat harvest is 27% complete, surpassing the 5-year average, and improved spring wheat conditions suggest a strong overall harvest. Despite declining Russian production prospects, U.S. corn and soybean prices rose due to warm weather concerns. Russian crop production is forecasted to decline by 12% compared to the previous year. U.S. ethanol inventories are expected to decrease, impacting corn used for ethanol production. In Europe, mill wheat, corn, and feed wheat prices dropped slightly, while rapeseed prices increased.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A balanced market in America, while in Europe a preponderance of sellers could be seen on Tuesday's trading day in the crop markets. In Chicago, wheat became cheaper by 1.6 percent, canola by 0.1 percent, corn by 1.1 percent, and soybeans by 1.3 percent more than the previous day. In Europe, the prices of mill wheat, corn and fodder wheat also closed in the red, but rapeseed rose in price. The U.S. winter wheat harvest is 27% complete, according to the latest report from the United States Department of Agriculture (USDA). This is higher than the 5-year average of 14%. Coupled with improved spring wheat crop conditions, traders and analysts believe U.S. wheat production will be strong this year. "The condition of spring wheat is also significantly better than a year ago," Commerzbank said in a statement. "This gives us hope for a strong harvest overall." All this offset the impact of the decline in Russian production prospects in Tuesday's trading. Corn and soybeans rose in price ...
Source: AgroForum
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