Wheat’s downward spiral was driven by the cancellation and postponement of around one million metric tonnes of Australian wheat.
Wheat and corn fall to 2020 lows amid a decline in exports
Wheat futures Chicago Stock Exchange (CBOT) plummeted on Thursday and they approached a minimum since 2020also dragging down corn due to the weakness of spreads, according to analysts.
The soybeans bounced thanks to the coverage of short positions during a session driven by technical negotiation.
Wheat’s downward spiral was fueled by the cancellation and postponement of around one million metric tons of wheat Australian to Chinese exporters and weak US export sales released by the US Department of Agriculture (USDA) on Thursday.
“When it comes to cereals, there is not much bullish news”said Terry Reilly, senior agricultural specialist at Marex.
CBOT corn in Chicago fell 0.8% to $166.53 a ton and May futures fell to their lowest since August 2020. Soybeans rose 0.9% to $438.16 a ton. For its part, corn loses 2.3% to $195.56.
Corn fell despite export sales reaching the upper end of expectations and private sales of 100,000 tons of grain American for delivery in Mexico, communicated by the USDA on Thursday.
Source: Ambito
