CBOT wheat and corn futures strengthened last week

10.05.2018

WHEAT. During April 26 - May 03, CBOT wheat futures strengthened (+14.4%), report UkrAgroConsult’s analysts.

As of April 29, the share of winter wheat in good and excellent conditions had improved by 2% over the week to 33%, but this appeared to be much lower than on the same date last year - 54%. Wheat lags behind in development - 19% of plants passed to the earing stage, compared to 30% - the 5-year average and 41% in 2017.

Moreover, a delay in spring wheat sowing is seen as well – the pace is significantly behind the multi-year average s (10% compared to 36%).

CORN. CBOT corn prices rose by 4.8% during the same period (April 26 - May 03). Corn prices continued to grow on information about the delay of corn sowing in the USA, as well as under the influence of trends in the adjacent wheat market. As of April 29, sowing had been carried out on 17% of the intended area, compared to 27% - the 5-year average and 32% on same date in 2017. Sprouts appeared on 3% of the sown area (6% - 5yr average; 8% - last year, relatively).

High weekly corn contracting in the USA (1020 KMT, compared to 697 KMT the previous week) provided an additional support to prices, UkrAgroConsult’s analysts note.

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 information on price behavior on grain export and domestic market in the countries of Black Sea region is available to subscribers for weekly market report "Black Sea Grain" and "Online market review" by UkrAgroConsult.

 

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