Quotations of grain legumes on the Chicago Stock Exchange are growing

Uncertainty about crop forecasts and active demand from American consumers support the high level of prices.

Quotations of wheat on the Chicago Stock Exchange continued to grow as of September 3. This was reported by ASAP Agri analysts.

The December wheat contract rose by 5.6 USD/t to 208.2 USD/t. The price increase was influenced by the recent reduction in the wheat production forecast in Russia, as well as the low harvest in the EU countries. However, the rise in prices still limits a significant increase in the prospects of the harvest in Australia.

Corn quotes on the Chicago Stock Exchange also rose. The contract for December increased by 3.2 USD/t to 161.1 USD/t. Prices are supported by concerns about drought and deteriorating US agriculture. However, the high global supply of corn is limiting price growth. At the same time, the market expects favorable weather for the harvest in Argentina.

Soybean futures also rose amid China’s announcement of an anti-dumping investigation into canola imports from Canada. Yes, some market participants believe that this could stimulate demand for soybeans.

In addition, prices were supported by quite active sales of leguminous crops in the USA. However, forecasts for large soybean harvests in Brazil and the US limit profits.

Soybean oil, rapeseed and Malaysian palm oil futures fell slightly. This was facilitated by a high supply from agricultural producers, as well as losses in the oil products segment.

Oil prices fell by $3.18/BBL, hitting a near 8-month low. The market was shaken by high demand for raw materials from China and the rise of the dollar index. At the same time, pressure on prices was caused by the fact that Libya announced its intention to resume crude oil production.

Recently, USM wrote that the Ministry of Agricultural Policy of Ukraine approved with business on the maximum volumes of grain exports.