US: Wheat prices fell due to disappointing export sales news
Soybean
Maize (Corn)
Wheat
United States
Published Dec 2, 2022
Tridge summary
The numbers on the crop markets turned negative on Thursday. In Chicago, wheat was down 1.5 percent, corn 1.1 percent, and soybeans 2.6 percent less than the previous day. Rape was an exception with its 1.1 percent increase. In Europe, the rates of all four priority greyhound products, mill wheat, corn, rapeseed and fodder wheat, also closed in the red. Chicago soybeans fell on Thursday after five days of gains.
Original content
Soybean oil prices also fell sharply after the US government proposed smaller-than-expected biofuel blending requirements. The price of wheat fell on the news of disappointing export sales data, while the weakening of soybeans also dragged down corn. The soybean exchange rate rose to the highest level since September 21 on Wednesday. The U.S. Environmental Protection Agency has proposed a smaller-than-expected increase in the amount of ethanol and other biofuels that oil refiners must blend into fuel over the next three years. The production of renewable diesel, which can be produced from soybean oil, is increasing, but not at the unrealistic rate expected by fund managers said Arlan Suderman, Chief Commodity Economist at StoneX. According to Jim Gerlach, president of A/C Trading, soybean oil was also vulnerable to selling because it had built up a large premium over palm oil and because funds were holding long positions speculating on price increases. Soybeans and broader ...
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