“Farm Futures on Chicago Board of Trade Weaken as Wheat Falls to 2-Year Low”

(shareribs.com) Chicago 27.04.2023 – Farm futures on the Chicago Board of Trade continue to weaken. Wheat has fallen to its lowest level in nearly two years. Corn and soybeans are also falling.

Wheat remains under pressure in Chicago. In the US growing areas, there is a lack of much-needed rainfall after the long drought. In addition, there is weaker demand for US wheat on the export market.

In Canada, on the other hand, a very good harvest is expected. The acreage is expected to reach its highest level in 22 years. In total, wheat is to be grown on 10.9 million hectares.

The European Union was also able to increase its wheat exports. In the course of the trading year so far, 25.02 million tons of soft wheat have been exported, an increase of ten percent compared to the same period last year.

Given the outlook for developments in the US and Canada, investors are less concerned about the wheat supply situation than they have been in recent months.

The export agreement with Ukraine remains a major element of uncertainty. Russia has intensified its rhetoric against the agreement, accusing the EU and the G7 of not responding to Russia’s demands. Ukraine, meanwhile, said Russia is blocking four grain carriers from sailing from the country’s Black Sea ports.

July corn loses 0.75 cents to $6.0025/bushel, July wheat loses 0.75 cents to $6.4125/bushel and July soybeans lose 1.0 cent to $14.1375/bushel.