Corn fell 3.4%, while wheat and soybeans gained strength and grew 0.4% in Chicago.
In recent days, corn prices on the Chicago Mercantile Exchange continued to fall, falling to $ 134.98 per tonne, down 3.4%. Traders believe that current prices are overpriced, since regular harvesting in Argentina and Brazil will create a cheap offer on the world market.
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This is also accompanied by a sharp drop in oil prices. In the end, the demand for ethanol from corn will be much lower due to falling demand for fuel. This may also be due to the fact that coronavirus cases are currently starting to appear in countries in South America that use significant amounts of ethanol fuel for vehicles.
Direct speech: “We are not at a turning point in the soybean market,” said Charlie Sernatinger, head of the grain division of ED & F Man Capital, in a statement to the Thomson Reuters news agency. At the same time, there was also concern that the US dollar has become more expensive for other global players due to a stronger dollar.
“We need to adapt more and more to market prices in South America. Corn may continue to decline, soybeans may have reached their lowest point, ”added Greg Grow, director of agricultural economics at Archer Financial Services.
- In the United States, soybeans and grain jumped in price during the nightly trading from July 7 to 8 on reports that hot and dry weather is approaching for the central part of the USA.
- Purchase of wheat in the province of Sind starts from March 5 and will last until April 5.
- The Indian state trading company MMTC, for the third time, has postponed the deadline for submitting bids in an international tender for the import of yellow corn, this time until June 6, European traders said on Tuesday, May 21.
