“The chances of scattered (and sometimes decent) showers continue this week as corn finishes pollination and soybeans begin to mature,” Matt Zeller, director of market information at brokerage StoneX, said in a note to clients.
“That keeps bears hopeful that US crops will find enough rain just in time to produce decent yields,” he added.
The wheat futures they were also down, on track for their fourth consecutive session of losses, due to a round of technical selling after last night’s strength.
World wheat consumption is headed for its biggest annual decline in decades, as record inflation forces consumers and businesses to buy less and substitute cheaper alternatives for grain.
The first grain ship to leave a Ukrainian seaport since the start of the war was inspected in Turkey on Wednesday. before his trip to Lebanon, but Ukrainian President Volodymyr Zelensky said it was only a fraction of what kyiv needed to export.
“The direction of prices will depend on how much wheat and corn actually leaves Ukraine in the coming weeks,” a Singapore trader said. (Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Edited in Spanish by Javier López de Lérida)
Source: Ambito
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