The grain markets are under pressure from huge crop and weather forecasts
on Thursday at the wheat site in the Chicago futures wheat soared to the mountain. The main driver remained Australia, where bad weather threatens to significantly reduce the waiting time for a record U.S. harvest and deteriorate the quality of the wheat.
However, at the end of the day again prevailed speculative sales, and the U.S. winter wheat decreased to Natuna marks:
- soft wheat SRW in Chicago by $ 1.56 to 146,61 $ / ton;
- hard wheat HRW in Kansas city for $ 1.47-153,31 $ / ton.
In Europe and France moisture deficit affects the germination of rape and advancing sowing of wheat, which supports the European prices.
In the US, on the contrary, the recovery of dry weather conditions will accelerate the rate of collection and obtaining of record yield.
the prices of corn and soybeans declined slightly to $ 129 and $ 347, respectively.
For the market was a surprise that OPEC countries failed to reach agreement to reduce oil production by 1 million barrels a day. As a result, oil prices increased, which is not expected by the traders.
Goldman Sachs predicts oil price to $ 10 in 2017 in connection with the agreement to reduce oil production. This decrease in oil production is the largest since the financial crisis in 2008. This factor has the potential to give support to the prices for energy crops: canola corn and soy.