USA: Wheat could not keep up with the price increase
Wheat
Soybean
Maize (Corn)
Canola Seed & Rapeseed
United States
Published Dec 7, 2022
Tridge summary
A mixed mood was observed in America, while in Europe it was more buyers' superiority in Tuesday's crop market trading. In Chicago, wheat fell by 1.1 percent and corn by 0.5 percent, while soybeans rose by 1.3 percent and canola by 1.1 percent. In Europe, the rate of mill wheat, corn and fodder wheat also became cheaper, but the rate of rape closed in surplus.
Original content
Chicago wheat and corn jumped intraday on the back of the previous day's price declines, a day after a sharp drop sent wheat prices to a 13-month low. The general bear market, i.e. factors pointing in the direction of a price decrease, kept the price increase at bay, and the exchange rates even turned negative at the close. Soybean prices rose on expectations of a pick-up in demand as China eased COVID-19 restrictions. "The intraday price increase on the wheat and corn market corrected the strong fall on Monday and these crops appeared to be underpriced, but the background factors continued to point in the direction of weakening" said Matt Ammermann, Commodity Risk Manager at StoneX. “Although Chicago wheat hit a 13-month low on Monday, Russian wheat is still being offered at lower prices on global markets than the US crop. There is demand in the market, but it seems that Russian wheat continues to win the main export business. A large harvest is also visible in Australia" he ...
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