Prices for export wheat are actively growing
30.08.2024 - 12:20
Grain prices are affected by the high harvest in the USA and competition from the Black Sea countries.
Quotations of wheat on the Chicago Stock Exchange (SWOT) increased for three sessions in a row. This was reported by ASAP Agri analysts.
As of August 29, the December contract increased by 2.6 USD/t to 201.6 USD/t. Prices were supported by an increase in weekly wheat sales in the US, as well as competition in the Black Sea region.
Instead, the European Commission lowered forecasts for the wheat harvest and exports to the EU for 2024/25. So, this season, France can reduce wheat exports outside the EU by 60% per year.
Corn quotes on the CBOT also rose. The contract for this agricultural product for December increased by 2.1 USD/t to 155.9 USD/t.
Soybean futures also increased – by 5.7 USD/t. Strong U.S. soybean sales, which continued last week’s trend, supported prices. According to the US Department of Agriculture, in the period from August 16 to 22, net export sales of American soybeans exceeded the mark of 2.5 million tons.
The quotation of CBOT soybean oil increased by 31.1 USD/t, against the background of higher prices for oil and soybeans. Soybean meal rose in price by 1.7 USD/t.
