WHEAT PRICES JUNE 25 RISE FROM TWO-MONTH LOWEST AS TRADERS CONSIDER RUSSIAN PRICES
CBOT wheat prices rose, as uncertainty over the size of Russia’s harvest and the possibility of Indian grain imports lifted prices from a two-month low. Soybean and corn prices were unchanged as investors weighed the impact of heat and flooding in US growing regions. The most traded wheat contract on CBOT increased 0.4% to 5.73-1/2 USD/bushel after falling to 5.64 USD, the lowest level since April 19. CBOT corn prices fell 0.1% to 4.33-1/4 bushel after falling to their lowest since April 2, while soybean prices were nearly unchanged at 11.30-1/4 bushel after trading at the previous session’s lowest level since 2020.
Argus cut its forecast for wheat production in Russia, the largest exporter, to a three-year low of 79.5 million tons. Meanwhile, an Indian government official said the country has imposed limits on the amount of wheat reserves that traders can hold and may abolish or reduce import taxes on this type of grain. This flour can potentially increase India’s appeal to global wheat supplies.
Weather worries loom over agricultural markets, with forecasts of dry conditions in the Black Sea region that could reduce corn yields and heavy rains after near-record temperatures in the US dangerously damaging crop plants. The European Union’s crop monitoring service has downgraded most yield forecasts for this year’s crops in the bloc, taking the reason that excess water in Western Europe and dry weather in some southeastern countries.
(Link: Vinanet)
