Grain futures on the NYSE Chicago fell again
31.07.2024 - 11:59
Grain and legume prices on the Chicago Stock Exchange (NYSE Chicago) fell amid competition and climate factors.
Wheat quotes on the NYSE as of July 31 decreased. The September contract fell by 2.6 USD/t per day to 192.6 USD/t. ASAP Agri writes about it.
The decline in prices was influenced by the fact that the condition of American spring wheat decreased y/y and turned out to be lower than expected. Frosts in Argentina, rains in France, and competition from the Russian Federation are putting pressure on the value of the crop.
Quotations of corn also decreased — against the background of the forecast of favorable weather conditions. The condition of the US corn crop improved despite the fact that the market expected it to decline. Prices were also affected by the dry weather in Ukraine last week.
Oil prices also decreased by 1.29 USD/BBL. Commodity prices are under pressure on concerns about weak demand for oil from China. The tendency to lower prices is also strengthened by the growth of oil reserves in the USA. One of the biggest problems in the market remains the conflict in the Middle East.
On the other hand, as USM wrote, since the beginning of last week in the Ukrainian ports on the market of fodder barley, tendsy of increasing prices has been maintained.
