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Corn futures fell to a 2020 low on Tuesday, wheat and soybeans also fell
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Corn futures fell to a 2020 low on Tuesday, wheat and soybeans also fell

On Tuesday, wheat futures on the Chicago Mercantile Exchange hit a two-month low. Soft red winter wheat quotes dropped to $219.91/ton, hard red winter wheat futures fell to $270.98/ton, and spring wheat futures declined to $288.98/ton. Corn and soybean futures also saw a decrease. The weather in the United States is favorable for crop yields, as corn and soybean plantings are progressing well. Limited soybean supplies and increased exports will limit the losses in futures for this commodity. Analysts suggest that the decrease in crop prices benefits meat and poultry producers, as they use crops as feed.

17 August 2023 17 August 2023

On Tuesday, August 15, 2023, wheat futures on the Chicago Mercantile Exchange (CBOT) hit a two-month low. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $219.91 per ton, September futures of hard winter wheat KCBT in Kansas City - to $270.98 per ton, September futures of hard spring wheat MGEX - to $288, 98 per ton.

Corn futures on the Chicago Mercantile Exchange fell to their lowest level since 2020 on Tuesday after the US Department of Agriculture's weekly report showed better-than-expected crop conditions. The weather in the US remains favorable for the new corn crop. The Midwest received 35-50mm of rain last week. The share of corn crops in good and excellent condition increased to 59%, by 2 percentage points. higher than last week and last year.

Soybean futures also tumbled on improved US crop ratings, while wheat hit its lowest level in more than two months. The share of soybeans in good and excellent condition rose to 59%, up from 54% last week. Analysts had expected 55%.

According to analysts, the decline in crop prices is beneficial for meat and poultry producers who use the crop to feed livestock.

December corn fell 12-1/4 cents to $4.75-1/2 a bushel and reached its lowest price since December 31, 2020. November soybeans lost 20-3/4 cents to close at $13.05-1/4 a bushel. September wheat fell 17.1/2 cents to $5.98-1/2 a bushel and hit its lowest price since June 1.

Analysts say tight US soybean supplies and rising export sales should limit losses in soybean futures.

U.S. processors processed more soybeans than expected in July, the biggest July processing on record, according to data from the National Oilseed Refiners Association on Tuesday.

On the Chicago Mercantile Exchange (CBOT) on Tuesday, contracts for delivery in September, November, December:

wheat (September 2023) - 219.91 dollars / t (22220 rubles / t) - minus 2.84%;
corn (DKBR 2023) - $187.20/t (18920 RUB/t) - minus 2.41%;
soybeans (nbr. 2023) - 479.59 dollars / t (48460 rubles / t) - minus 1.56%;
rice raw (September 2023) - 763.60 USD/t (77150 RUB/t) - minus 032%;
rapeseed (ICE, Nov. 2023) - 783.50 cad/t (58890 RUB/t) - plus 1.65%.

On Tuesday, the French grain market fell again. As a result of the trading day, the September quotes of milling wheat on the Parisian MATIF exchange fell to €227.75 per ton (in dollar terms - to $248.34). November corn futures - up to €210.75 per ton (in dollar terms, they fell to $229.80).

On the Paris Stock Exchange (MATIF) on Tuesday, the quotes of the September, November contracts at the close of trading amounted to:

milling wheat (Sept. 2023) - 248.34 dollars / t (25090 rubles / t) - minus 1.45%;
corn (NBR 2023) - $229.80/t (23220 RUB/t) - minus 3.23%;
sunflower (September on the SAFEX exchange - 9355.00 zar./t (49830 rub./t) - plus 0.43%;
sunflower oil (Aug. Rotterdam, in bulk FOB) - 980.00 USD/t (99020 RUB/t) - 0%;

Reference exchange rates on 08/15/2023:
RUB 101.0399 = US dollar
RUB 110.6847 = Euro
RUB 75.1617 = Canadian dollar
RUB 53.2633 = 10 South African rand

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