Last Friday, February 6, the U.S. wheat market fully priced in weather-related concerns, and wheat quotations in Chicago resumed their downward trend, ProAgro Group reports.
In particular, the May wheat futures contract on CBOT lost $1.8, falling to $198 per ton. On Euronext, the price of the same futures contract also declined by $1.3 to $225.1 per ton.
According to Barva Invest, the situation on the Ukrainian market remains largely unchanged. Due to slower shipments from Russia, port prices in Ukraine are strengthening, although this has not led to increased supply. Currently, wheat with 11.5% protein content is offered at $214–217 per ton DAP at deep-sea ports (compared to $210–212 per ton a week earlier).
U.S. corn quotations also declined on the last trading day of the previous week, losing earlier support from speculative fund activity. The May corn futures contract on CBOT fell by $1.7 to $172.7 per ton. On Euronext, the June contract decreased by $0.4 to $225.4 per ton.
Meanwhile, corn prices on the Ukrainian market continue to move moderately higher, with sellers increasingly opting to withhold sales in anticipation of further price strengthening. At deep-sea ports, corn is already being offered at $214–215 per ton DAP (up from $211–213 per ton last week).
Previously, we reported on how wheat and corn prices and export volumes may change following the conclusion of a free trade agreement between the EU and Mercosur.
