On Friday, January 3, U.S. wheat futures ended the trading session slightly lower. A global oversupply continues to be the main pressure factor for the market, according to ProAgro Group.
In particular, the March wheat futures on CBOT declined by $0.2 to $186.1 per tonne. In Paris, the March wheat contract on Euronext lost $1.1, closing at $221.8 per tonne.
According to Barva Invest, the Ukrainian wheat market remains sluggish on both the supply and demand sides. Most traders keep nominal prices unchanged. Wheat with 11.5% protein is currently offered in deep-sea ports at $208–211 per tonne DAP, compared to $208–213 per tonne a week earlier.
Corn prices in Chicago also declined at the end of last week amid expectations of large harvests in competing countries in the Southern Hemisphere. The March corn futures on CBOT fell by $1.1 to $172.2 per tonne, while the March corn contract on Euronext also dropped by $1.1 to $220 per tonne.
On the Ukrainian corn market, some traders remain active and continue to cover urgent needs despite port operating constraints and risks linked to ongoing Russian attacks. Prices in deep-sea ports on a DAP basis currently range between $203–205 per tonne, unchanged from the previous week.
Earlier, analysts from CoBank suggested that despite global oversupply in grain and oilseed markets, prices may have already passed their cyclical lows.
