CBOT corn prices went down 23% last week

04.09.2018

WHEAT. During August 23-30, CBOT wheat prices lost 3.42%, reports UkrAgroConsult.

The bearish factors were as follows:

- trends of the adjacent soybean and corn markets;

- fast pace of spring wheat harvesting in the USA;

- results of the US wheat weekly contracting;

- less fears about Russian wheat exports restrictions and ruble exchange rate decrease;

- strong US dollar, which index remained at its high since mid-2017.

CORN. Over the period under review (August 23-30), CBOT corn prices went down 23%.

The market was driven by the following factors:

- another rainy week in the US Corn Belt, which was favorable for the crop;

- the approach of mass harvesting in the USA;

- the new-crop US corn weekly sales were below market expectations;

- considerable devaluation of Argentinean peso and Brazilian real against the backdrop of strong US dollar.

- long-lasting weekend - the Labor Day in the USA on Monday.

Check up prices and enjoy free online charts on UkrAgroConsult’s website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior as well as on crop conditions and progress in harvesting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Grain" by UkrAgroConsult.

 

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