Wheat rates at the Chicago exchange decreased

The pressure on the market was caused by the fast pace of the winter wheat sowing campaign in the USA and significant exports from the Black Sea region.

Wheat prices on the Chicago Stock Exchange fell on Tuesday. The December grain contract fell by USD 1/t — to USD 211.5/t, ASAP Agri analysts report .

The pressure on the market was caused by the fast pace of the winter wheat sowing campaign in the USA and significant exports from the Black Sea region. Prices were also affected by the increased forecast of the grain harvest in the Russian Federation. Wheat also fell on Euronext. The December contract fell by 1.25 EUR/t — to 219.25 EUR/t.

At the same time, delays in sowing in the Black Sea region and the weakened dollar exchange rate somewhat restrained the fall. Prices were supported by lower production in Europe and reduced crop estimates in France.

Instead, corn on the Chicago Stock Exchange showed growth. The December contract rose by 0.7 USD/t to 162.3 USD/t. However, growth was limited by the better condition of the US corn crop and the fast pace of its harvest.

However, European corn became cheaper. The contract for November decreased by 0.5 EUR/t — to 202.5 EUR/t.

Soybean quotations on the Chicago Stock Exchange rose slightly on Tuesday (+0.6 USD/t). Prices were supported by U.S. soybean exports to Argentina thanks to competitive prices, as well as concerns about U.S. yields due to hot and dry weather.

However, the harvesting of 6% of the US soybean crop as of September 15 held back further growth. Soybean processing volumes in August were lower than expected. In addition, soybean production in Brazil is forecast to grow by 12.8% in 2024/25.

Soybean oil futures on the Chicago Stock Exchange rose to $17.6/t on September 17 as US inventories fell to a 10-month low. At the same time, soybean meal futures decreased by USD 2.3/t due to the strengthening of the US dollar index.

Rape futures on Euronext rose by EUR 5.25/t on higher soybean and Canadian canola prices. Prices were also supported by a projected reduction in the canola crop in Canada and harvest delays due to rains.

Malaysian palm oil futures on September 17 fell to MYR48/t. This was helped by low trading activity after the holidays and India’s increase in import duties on vegetable oils. However, the strengthening of oil slightly supported the market.

Crude oil prices continued to rise on Tuesday, rising to USD 1.55/BBL. This was due to expectations of lower US inventories and production concerns due to Hurricane Francine, which hit Louisiana. The market is also awaiting a possible rate cut by the US Federal Reserve, although a slowdown in China’s economy is curbing global demand.

Previously, USM wrote that over the year, Ukraine increased wheat exports to Africa by 40.6%