2023-05-03 07:48:14
Macroeconomic fears and improving growing conditions in the US are still weighing on Chicago.
US cereals recorded another session of heavy losses in Chicago. Macroeconomic considerations are indeed regaining control over agricultural commodities given the growing fears of economic recession. Crude prices notably fell by 5% in session, thus increasing the pressure on the biofuels sector.
THE rains in the Midwest also continue to reassure operators across the Atlantic. In its latest weekly Crop Progress, the USDA has also raised its ratings from “good to excellent” by two points, to 28%, once morest 27% last year at the same period. Soybean sowing also progressed faster than expected with 19% of work completed as of April 30, while corn sowing was 26% advanced, in line with the five-year average.
At the Chicago close, the wheat SRW maturing July 2023 decreased by 9 c$/bu, to $6.09/bu. THE but July 2023 futures fell from c$4.50/bu to $5.80/bu. The bean of military July 2023 delivery fell by c$16.75/bu to $14.11/bu.
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#Heavy #losses #wheat
