Wheat and corn prices ended higher on Tuesday (September 14th) in Chicago, with a technical recovery following the Wasde report pushing prices lower, while soybeans remained slightly lower.
«Technically the market was oversold after the exhibitionUS Wasde on global agricultural supply and demand on Friday showed an overall increase in corn and wheat production, said Dax Wedemeyer, of U.S. Commodity. “The market wants to recover, the rise of wheat to pull the corn, but it will be difficult to go further as we approach the harvest“, The analyst underlined.
The prospect of less plentiful wheat supplies also boosted its price, CHS analysts said. Canada cuts wheat forecasts due to drought. While in France, it is the extremely wet conditions this summer that will reduce production. “Globally, we are facing these problems with wheat suffering from either extreme drought or excessive moisture.Dax Wedemeyer added. The dollar, which was slightly lower in the morning, also helped grain prices, with a weaker banknote favoring US exports.
Finally, pushing prices higher, the USDA Department of Agriculture Weekly Crop Status Report showed a slight deterioration in the corn crop situation. About 58% of the plants are in good to excellent condition, compared to 59% last week. A spoonful of wheat (about 27 kg) for delivery in December closed at $ 7.0075 from $ 6.8700 on Monday, up 2%. A box of corn (about 25 kg) for delivery in December ended at $ 5.2025 compared to $ 5.1325 the previous day, up 1.36%. A spoonful of soybeans (about 27 kg) for delivery in November closed at $ 12.8250 against $ 12.8475, down 0.17%.