USA: Wheat could not keep up with the price increase

Published 2022년 12월 7일

Tridge summary

On Tuesday, the agricultural market saw a mixed reaction with a more dominant buying power in Europe. In Chicago, the market experienced a decline in wheat and corn prices, while soybeans and canola saw an increase. This came after a significant drop in prices the previous day, with wheat hitting a 13-month low. However, Russian wheat continues to be preferred in the global market due to its lower prices, despite the large harvest expected in Australia. Meanwhile, Pakistan and China are looking to increase their wheat and soybean imports, respectively, with China's easing of COVID-19 restrictions potentially boosting demand. In Europe, mill wheat, corn, and fodder wheat prices decreased, while rapeseed prices surplus.

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

Original content

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. 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 ...

Source: AgroForum