WHEAT. Over the period under review (September 13-20), CBOT wheat futures gained 8.8%, reports UkrAgroConsult.
The major bullish factors were the following:
– switching to a new contract;
– weakening of the US dollar index;
– weekly data on wheat contracting in the USA;
– worsening of weather conditions in Australia – frost joined the precipitation deficit;
– ongoing drought in Western Europe;
– reduction of wheat export forecast to 30 MMT by Russian Ministry of Agriculture (USDA: 35 MMT).
CORN. During September 13-20, CBOT corn prices strengthened by 3.2%, reports UkrAgroConsult.
The main factors, which supported the price were as follows:
– average corn yields in the USA varied from region to region because of floods due to the tropical storm Gordon and Florence hurricane;
– forecasted rains in the Corn Belt of the USA, which can slow down corn harvesting;
– slow corn sowing in Argentina due to dry weather conditions in central regions;
– low corn exports from Brazil, where traders are more focused on soybean shipments.
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.