The wheat price quickly backed down Thursday night in Chicago, under pressure from theblack sea offer. More favorable climatic conditions have in fact enabled an acceleration of shipments in Ukrainian and Russian ports last week, while the ruble stall against the dollar has further strengthened the competitiveness of Russian wheat on the international scene.
The production ofethanol in the United States also slipped by 66,000 barrels per day last week to fall back to 963,000 bpd, thus weighing on the corn prices across the Atlantic. At the same time, stocks jumped by 600,000 barrels, to 24.6 Mb, the highest in eight months.
At the Chicago close, SRW wheat maturing March 2023 was down 11.5 c$/bu, at $7.74/bu. Corn futures March 2023 sank from c$3.25/bu to $6.79/bu. Soybeans for March 2023 delivery increased by 2.0 c$/bu, to 15.16 $/bu.