Beneficial rains in the Midwest and the fall in the oil market caused a rapid withdrawal of American quotations.
LWheat prices fell sharply again in Chicago on Friday evening. The straw cereal this time reacted to the arrival of heavy rainfall in a large part of Kansas after weeks of dry weather. The next few days are also expected to bring widespread downpours across the Midwest, which should significantly improve growing conditions in the country. The market also reacts to recent climate improvements in South America.
The Buenos Aires Commodity Exchange raised its ratings of Argentine maize from “good to excellent” by four points to 29% (27% last year) in its latest weekly report, as did those of soybeans, which now reach 34% (6% in 2021). The first corn harvest however remain worrying in terms of yields and future cuts in national production estimates are to be anticipated.
The uncertainties surrounding the war in Ukraine also caused many positional adjustments before the weekend, thus adding to market instability. The rapid drop in the oil market also pulled the soybean complex down with a Malaysian palm back to its lowest level for almost a month! US soybean oil ended the week with a drop of 3%.
At the Chicago close, SRW wheat for May 2022 was down 34.4 c$/bu, to $10.64/bu. May 2022 corn futures fell 12.8 c$/bu to 7.42 $/bu. Soybeans for delivery in May 2022 eased by 0.4 c$/bu, to 16.68 $/bu.
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