On Thursday afternoon, prices at Matif for wheat rose significantly. Aside from the drought in Europe, there was no real reason for this
Wheat appears to be under the influence of tight corn supply. Corn production is suffering from drought in many regions. in the last two
Just over 1 million tonnes were imported into the EU for weeks. This is almost 30% more than in the same period last year.
In the US, the three most important wheat markets (Chicago, Kansas City, Minneapolis) grew strongly on Thursday. The drivers were strong corn and soybean markets and oversold conditions. Minneapolis futures rose early as drought conditions in the northern plains are expected to continue into the next week and the northwest and Montana continue to suffer from excessive heat and drought.
Soybean futures rose sharply on Thursday, led by soybean meal, which rose sharply. News that Argentine farmers were storing their soybeans to hedge against inflation and solid soybean meal export sales were likely the triggers for the sharp rise. Soybean strength comes despite China’s warnings after House Speaker’s visit
Nancy Pelosi, to the President of Taiwan.
This morning prices on Cbot are in positive territory.
220805 futures market listings
Source: http://www.ks-agrar.de
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