Wheat prices in the United States returned to a downward trend on Friday, December 26, amid a lack of local bullish factors and increased supply from competitors in the Southern Hemisphere, according to ProAgro Group.
In particular, the March wheat futures contract on the Chicago Board of Trade fell by $1 to $190.7 per tonne. In Paris, the price of the corresponding March futures contract on Euronext remained unchanged at $223.9 per tonne.
According to Barva Invest, activity in the Ukrainian wheat market continues to slow due to the holiday period and local logistical challenges. The market remains passive on both the supply and demand sides. Wheat with 11.5% protein content is currently offered in deep-water ports at $208–213 per tonne DAP.
Corn prices at the end of last week in Chicago showed little movement. Limited trading activity and the absence of new supportive factors contributed to a mild price decline. The March corn futures contract on CBOT lost $0.4, settling at $177.2 per tonne. On Euronext, the March corn contract also remained unchanged at $223.4 per tonne.
Seasonal trends dominate the Ukrainian corn market, with activity slowing ahead of extended holidays. Ongoing Russian strikes on infrastructure have also prompted traders to pause spot operations and focus on more distant delivery periods. Corn prices in deep-water ports on a DAP basis currently range between $203 and $205 per tonne.
Earlier, analysts at CoBank suggested that despite excess supply on global grain and oilseed markets, prices may have already passed their cyclical lows.
