Grain prices continue to decline under the influence of a good harvest
After a long weekend, us markets dropped heavily. This was facilitated by good weather conditions and active contraction of hedge Fund long positions in corn and soybeans. Investors began selling these crops after the news about the possible increase of yields during precipitation is held in growing areas. Within three weeks the price of corn dropped from 173 to 135 $/ton.
Information regarding the volume of weekly exports of U.S. corn and soybeans indicates the slowdown, but exports of wheat exceed expectations. Large funds still maintain a large number of short positions in wheat.
Under pressure successful harvest, which is moving faster than usual, despite the periodic rains, and shows good yields, the price of American wheat fell:
- the 1.38/tone to 152,76 $/ton in Chicago soft wheat SRW,
- the 0.55 $/tonne to 147,16 $/ton in Kansas city for hard wheat HRW,
- the 2.48 $/tonne to 182,61 $/tonne in Minneapolis on hard spring wheat HRS.
On the French stock exchange, the price of rapeseed fell by 10$ to 387 $/ton following the decline of the market of palm oil and soybeans. Soybeans new crop with delivery in November in Chicago decreased from 397 to 387 us $/ton . Oilseed markets are now experiencing not the best times from-for falling of oil quotations caused by the reduction of financial risks and a British exit from the EU.