CBOT wheat and corn futures continued going down last week

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WHEAT. During August 16-22, CBOT wheat prices lost 1.16%, reports UkrAgroConsult.

The main bearish factors were as follows:

– rains in the US winter wheat producing regions before the sowing season;

– less fears about Russian grain export restrictions;

– good spring wheat conditions in the USA. The share of spring wheat in good and excellent conditions was 74% (75% the previous week), which was still much higher than last year (34%);

– fast pace of spring wheat harvesting in the USA. Winter wheat harvesting is almost complete – 97% (+5% over the week, 98%);

– reduction of the US wheat volumes inspected for exports during August 09-16.

CORN. Over the period under review (August 16-22), CBOT corn prices went down 1.8%, reports UkrAgroConsult.

The main factors were the following:

– favorable rains in the US Corn Belt;

– approach of corn harvesting in the USA;

– good corn conditions in the USA indicated in the USDA weekly report;

– results of crop-tour in the USA, conducted by Pro Farmer, which proved a possibility of a record-high production in 2018;

– devaluation of the national currency and approach of corn sowing season in Argentina.

 

Check up prices and enjoy free online charts on UkrAgroConsult’s website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section “Prices and Futures”.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior as well as on crop conditions and progress in harvesting in the countries of Black Sea Region is available to subscribers for weekly market report “Black Sea Grain” by UkrAgroConsult.

 

UkrAgroConsult

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