Grain prices reverse early headway
Published by Oliver Kleinschmidt,
Editorial Assistant
Dry Bulk,
According to CRM Agri, grain prices reversed early headway as the prospect of some rain in southern Russia, and the US Department of Agriculture's (USDA’s) looming Wasde report, encouraged profit-taking.
Feed wheat futures in London bucked the trend, standing up 2.6% in late trading at £214.60/t for November-24, playing catch up with Chicago and Paris peers, which rallied when UK markets were closed.
A close at that level would be the contract’s highest finish in more than a year.
However, the best-traded Chicago wheat July-24 contract lost early headway to stand 0.9% lower, while Paris milling wheat for September-24 fell by 1.0%, as forecasts for some rainfall to ease dryness in at least south parts of southern Russia fuelled profit-taking.
USDA data overnight showing a 1-point rise week on week to 50% in the proportion of US winter wheat rated good or excellent also encouraged selling, coming in 1 point ahead of market expectations.
Furthermore, many investors are being encouraged to take profits by the prospect of the USDA’s May Wasde report. This edition of the monthly series is seen as likely to prove a particularly influential one, including the first full USDA forecasts for crop supply and demand for 2024/25.
Click here for free registration to Dry Bulk
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/08052024/grain-prices-reverse-early-headway/
You might also like
CBH welcomes promising shipping emissions reduction results
Following maiden Blue Visby trial, CBH has welcomed the promising shipping emissions reduction results.