Grain prices started on an upward trend in the USA on Tuesday. One reason: In its weekly Crop Progress Report yesterday, the USDA lowered its “good to excellent” rating for spring wheat by four points to 69% (37% last year).
However, fears of rising temperatures in the Midwest earlier in the week have been dispelled by the latest weather data, which now predicts favorable rainfall for the coming days.
The rapid progress of the US spring wheat crop is also increasing supply and price pressure on global markets, while the very good production outlook for corn is causing US farmers to push ahead with sales of both the old and new crops, analysts report.
On the European futures market, wheat prices for the new harvest (September) are up 3 euros in current trading on Tuesday afternoon at 193 euros per tonne. The following December futures are up 3.50 euros – to 208.75 euros per tonne.
Corn prices for the new harvest (November) are up 3% at 192 euros per tonne. The March 2025 contract is currently trading at 199 euros per tonne – 2.25 euros higher than on Monday.
The leading rapeseed prices (November) are up 4.75 euros in current trading on Tuesday at 465.75 euros per tonne. The following February 2025 date is up 3.75 euros to 466.50 euros per tonne.
In Chicago, wheat prices were up 8 cents at 533 cents per bushel in current trading on Tuesday. Prices for spring wheat, which is grown mainly in the north of the USA and Canada, were up 6 cents at 574 cents per bushel.
Corn is trading 6 cents higher at 393 cents per bushel in Chicago and soybeans are up 9 cents at 990 cents per bushel.
