IGC cuts Argentina soybean crop forecast due to drought


During April 12-19, CBOT wheat prices went down (-1%). In the spot market, the price for US wheat remained at the previous week’s level. French wheat supply prices lost USD 2/MT with May delivery, reports UkrAgroConsult.

CBOT futures decreased following rain forecasts in the arid regions of the Great Plains in the USA. Winter wheat development is delayed. A price growth was also constrained by low export contracting of the US wheat.

The further reduction was limited by technical factors – the switch to a new contract. Market experts expected a further spread of soil drought, since only local showers were forecasted during the weekend. Spring wheat sowing is very slow.

The increase in French wheat prices was limited by the data of Monitoring Agricultural Resources (MARS). The agency experts increased the estimate of soft wheat average yield in the EU countries to 6.23 MT/ha, despite the March frost. Export of soft wheat to third countries remained low. Market experts expected the export shipments to reach 20 MMT before the end of the season (USDA – 24 MMT).

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