Last Friday, November 14, wheat quotes on the Chicago exchange decreased, reversing the optimistic growth of the previous week following the WASDE release.
Specifically, the December wheat future on CBOT in Chicago dropped in price by $3.1, cheapening to 193.2 7/ton. In Paris, on EURONEXT, the analogous grain future also cheapened, but less significantly – by $1.7, and traded at 218.7 $/ton.
According to Barva Invest, Ukrainian wheat prices fluctuate within previous limits depending on the urgent needs of exporters, but market activity remains low. Demand for grain with 11.5% protein content in deep-sea ports is currently voiced in the range of 217-221+ $/ton, similar to the previous week.
After the resumption of federal services in the USA, American corn prices decreased, “unexpectedly” coming under pressure from a heavy balance and the lack of the coveted export to China. The December grain future on CBOT cheapened by $4.4 at the end of the last working week, settling at 169.4 $/ton. On EURONEXT, the value of the already March grain contract lost $1.1, stopping at the mark of 220.2 $/ton.
Previous trends are characteristic of the Ukrainian corn market: logistics problems provide situational support for prices, while the harvest enters the market slower due to high moisture content and shelling of the energy infrastructure. They offer 207-210+ $/ton for grain in Black Sea ports (a week earlier – 205-210+ $/ton).
