US: Wheat drops to 1-week low on Ukrainian exports; corn, soybeans firm

Published 2022년 8월 3일

Tridge summary

Chicago wheat prices have dropped to their lowest in over a week due to the resumption of maritime grain exports from Ukraine, easing supply concerns. Meanwhile, corn and soybeans prices have risen for the first time in three sessions, although this gain is limited by better-than-expected weekly U.S. crop ratings. The first grain-carrying ship has safely anchored off Turkey's coast, marking the first since the start of the war. Global wheat export business is on the rise, with Algeria and Jordan among the buyers. However, corn and soy futures are facing pressure due to improving U.S. production prospects, as shown by the USDA's improved rating for soybeans and steady conditions for corn.

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

Original content

Chicago wheat lost more ground on Wednesday, with prices dropping to their lowest in more than a week, as the resumption of maritime grain exports from Ukraine eased supply concerns. Corn and soybeans rose for the first time in three sessions, although better-than-expected weekly U.S. crop ratings limited gains. “The wheat market is reacting to Ukrainian grain exports,” said one Singapore-based trader. “The price direction will depend on how much wheat and corn actually come out of Ukraine in the coming weeks.” The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.3% at $7.72 a bushel, as of 0257 GMT. Earlier in the session, the contract dropped to its lowest since July 25 at $7.68 a bushel. Corn Cv1 added 0.3% to $5.96 a bushel and soybeans Sv1 rose 0.5% to $13.92-3/4 a bushel. The first grain-carrying ship to leave Ukrainian ports in wartime safely anchored off Turkey’s coast on Tuesday, while a senior official said Ankara expects roughly one grain ...

Source: Hellenic Shipping News