Cereal prices recorded a slight increase this Tuesday evening in Chicago, in a particularly feverish market awaiting the results of the American presidential elections, which could take several days given the very small gap announced between the two candidates. The impact of a return of Donald Trump to the White House, both on trade relations with China than on the ethanol market, particularly prompts renewed caution among operators.
The market also adjusts before rapport USDA regarding global supply and demand, due next Friday, in which a reduction in US corn and soybean production and inventory estimates is now anticipated. The session was also animated by the announcement of a new sale of 124 kt of corn to unknown destinations by the USDA.
At the same time, the American corn and soybean harvests are finishing at a very good pace, while the winter wheat sowing are still slightly behind the five-year average, according to the latest weekly Crop Progress from the USDA. The “good to excellent” winter wheat ratings were raised by three points, to 41%, but remain particularly low for the time of year (50% last year).
At the close of Chicago, the wheat SRW due December 2024 advanced by 3.75 c$/bu, to $5.72/bu. THE but December 2024 futures rose by 2.0 c$/bu to $4.18/bu. The bean military for delivery January 2025 appreciated by 4.5 c$/bu, to $10.02/bu.
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