Last Friday, November 28, wheat quotes on the Chicago exchange showed restrained growth, remaining under pressure from large global supply.
December wheat futures on CBOT rose by $0.7 and traded at $195.1/ton. However, in Paris on EURONEXT, the analogous grain futures contract lost $2.9 in value, dropping to $218/ton.
According to information from Barva Invest, due to the uncovered needs of some buyers, prices for Ukrainian wheat are currently not showing an active decline, although the ranges remain wide. Thus, demand for grain with 11.5% protein content in deep-sea ports is quoted within $217-221+/ton (a week earlier – $218-223+/ton).
Meanwhile, US corn quotes rose following the results of Friday’s session, receiving support from US export activity. The December grain futures on CBOT rose by $1.5 – to $171.5/ton. On EURONEXT, the cost of the March grain contract decreased by $1.2, stopping at $217.4/ton.
In the Ukrainian market, high corn moisture content and significant drying costs remain the main factors restraining its supply. A significant part of the trade has covered its urgent needs and is trying to lower prices, but this has not yet led to active correction. Grain in Black Sea ports is offered at $207-211+/ton (a week ago – $209-212+/ton).
