Futures for agricultural products continue to decline

Quotations of grain and leguminous crops on the Chicago Stock Exchange continue to fall.

Wheat rates on the NYSE Chicago  on August 7 decreased slightly, the September contract fell by 1.8 USD/t to 197.8 USD/t. ASAP Agri writes about it.

Prices are influenced by the expectation of a high harvest in the US and the rise of the dollar. However, the prospect of a poor harvest in France limited losses. The market is also waiting for Egypt’s tender for the purchase of 3.8 million tons of wheat.

Corn quotes on the NYSE Chicago  also continued to decline. Rates are under pressure from a favorable outlook for crop cultivation in the US. The market is expecting a slight increase in the US corn harvest forecast and a decrease in planted area.

At the same time, soybean futures fell by 3.2 USD/t. Prices were also pressured by weak US soybean exports in June. In addition, it is likely that China’s demand for soybeans in the 4th quarter of 2024 may decrease – due to the high supply of oilseeds in the country and low demand for feed.

September soybean meal futures on the NYSE Chicago  also fell by USD 7.7/t. Meal quotations were affected by the general decrease in the price of soybeans. However, large volumes of soybean meal exports from the USA in June limited additional costs.

USM recently wrote that the Russian Federation increased trade with African countries thanks to the “shadow” export of agricultural products through Turkey and India.