“Markets for grains and oilseeds are trading weak…reflecting heightened fears that global recession woes could erode demand for food and energy-based commodities in coming months,” Arlan Suderman, chief commodity economist at brokerage StoneX, said in a research note.
Soybean prices in Chicago, Thursday, October 6
The November soybean contract fell 0.9% either u$s4.38 until the $498.98 the ton, while the January position fell 0.7% either u$s3.68 to be located in u$s503.57 the ton.
“It is difficult for the market to recover much in a harvest context and there are still concerns about Chinese demand”said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage.
Soybean export sales totaled 777,100 tonnes in the week ending September 29, down 23% from the previous week, the US Department of Agriculture said on Thursday.
Corn price in Chicago, Thursday, October 6
The corn fell 1.2% u$s3.35 Y were positioned at US$265.93 the ton and cut with four consecutive days on the rise, as a result of the pressure due to the advance of the North American harvest and logistical problems in the United States.
Corn export sales, at 227,000 tonnes, were down 56% from a week earlier and below the low end of market expectations, the Agriculture Department added.
Overseas demand for U.S. corn and soybeans typically increases during the harvest, but water shortages in the southern sections of the Mississippi River have halted most shipping traffic, driving up barge prices.
Wheat price in Chicago, Thursday, October 6
The wheat lost 2.6% or $8.45 Y was located at the close of the session at US$322.98 the ton, due to a “poor weekly foreign sales report” from the United States; the renewed firmness of the dollar index and the devaluation of the euro, which affect the competitiveness of US exports, added to the continuity of shipments from the Black Sea area despite the war between Russia and Ukraine.
Source: Ambito
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