The price of wheat and corn decrease despite the postponement of the imposition of duties on Chinese goods
Yesterday, President trump after "productive," according to him, the conversation with the representative of China, whose name was not disclosed, decided to postpone until mid-December date of the introduction of an additional 10% import duty on Chinese goods.
Another reason for this decision was the desire to avoid negative consequences for the Christmas sales in the country.
Recall that from 1 September the United States was planning to impose import duties on Chinese goods worth $ 300 billion.
based On the news, soybean futures rose by $1/t to 327 $/t. However, the December corn futures continued to fall under pressure of the bearish report USDA yesterday, fell another 2.5 $/t to 149,4 $/t
the Increase in weekly export sales up to a maximum of 5 weeks 703,1 thousand t not supported prices. In addition, as of 11 August took place sokobanja 90% of corn, compared with 97% on average for 5 years, and in the milk stage are 39% of crops compared with 61% on average.
the Decline in prices intensified the demand from the importers of corn from Vietnam and South Korea. South Korean processors bought a batch of corn at a price of 203 $/t CFR, which is 5-7 $/ton lower than the price at which the purchase was conducted a few weeks ago.
on Tuesday, the exchange continued to respond to the August report USDA production and end stocks of wheat and corn in the United States. September quotes of hard winter wheat at Kansas city and spring in Minneapolis has updated the contract lows. Only Chicago due to speculators closed with a plus.
the September wheat futures in the U.S. fell:
to 2.20 $/t to 184,91 $/t on a firm spring HRS wheat in Minneapolis.
- by 3.21 $/t to 140,91 $/t for solid winter HRW wheat in Kansas city
was Up 0.09 $/t to 173,43 $/ton SRW soft winter-wheat in Chicago.