Prices for export wheat continue to fall

Quotations of grain on the Chicago Stock Exchange continued to fall under the pressure of the harvesting campaign, which is advancing in the northern hemisphere.

The July wheat contract fell by 4.1 USD/t per day to 206.3 USD/t. This was reported in ASAP Agri.

Export sales of US wheat exceeded expectations, limiting losses. Finally, last week ended with a sharp fall in the July wheat contract to USD 18.8/t.

Quotations of corn on the Chicago Stock Exchange also ended with a decrease. The July contract fell by 1.8 USD/t per day to 171.2 USD/t. At the same time, export sales in the US were lower than expected. The week ended with a decrease of 5.9 USD/t.

Instead, soybean quotes increased (426.6 USD/MT; +1.9). Prices were supported by high net export sales of soybeans from the USA during June 7-13 — 556.5 thousand tons in 23/24 MR. This figure is 48% higher than the previous week and 89% higher than the average for the last month. It also beat trade expectations, largely due to strong demand from China. However, based on the results of the last week, futures for soybeans decreased somewhat – by 7 USD/MT.

As USM previously wrote, in the current season Ukraine exported almost 50 million tons of grain.