American corn the cheapest in almost 4 years
Last week, grain futures on global exchanges were trading in a fairly calm mood. In this case, the negative sentiment prevailing on financial markets did not translate into prices to a greater extent. As a result, most grains fell in price, but these were not large declines. The exception was American corn, which, after a 2.5% drop, reached its lowest price level since the end of September 2020.
Important USDA report today
Today at 6:00 p.m. our time, the U.S. Department of Agriculture (USDA) will publish its latest monthly report on, among other things, forecasts for the world grain balance, which, depending on the degree of market surprise, could trigger significant price changes.
Wheat in the September delivery contract at MATIF remained unchanged at EUR 217.00/t (PLN 938/t) on Friday, and year-on-year the price fell by 10.1%. Over the week, the price fell by 1.3%. The price of corn on the Paris exchange in the November contract fell by 0.2% and amounted to EUR 203.75/t (PLN 881/t), and over the past year it has fallen by 11.4%. Week-on-week, the price fell by 1.1%.
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Wheat on the CBoT in the September contract on Friday rose by 0.9% and cost 199.33 USD/t. In year-on-year terms, the quotations fell by 14.9%. Over the week, the price increased by 0.6%. The price of corn in the contract for delivery in September on the Chicago exchange fell by 0.7% and amounted to 148.32 USD/t, and over the past year it has fallen by 22.0%. In weekly terms, the quotations fell by 2.5%.
MATIF wheat, September contract – the price on Friday remained unchanged. (217.00 euro/t – 938 PLN/t).
Chart 1.
The September wheat futures quotes expressed in zlotys are presented in the chart below:
Chart 2
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The following continuation chart of wheat futures listed on the Paris stock exchange shows a long-term downtrend, a medium-term uptrend and a short-term downtrend.
Chart 3
CBOT wheat, November contract – price increased by 0.93 percent (199.33 USD/t – 789 PLN/t).
Chart 4
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The Chicago Stock Exchange is currently experiencing a long-term downtrend, a medium-term downtrend, and a short-term downtrend.
Chart 5
MATIF corn, November contract – price fell by 0.24% (EUR 203.75/t – PLN 881/t).
Chart 6
The November corn futures quotes expressed in zlotys are presented in the chart below:
Chart 7
In the following continuation chart of corn futures listed on the Paris stock exchange, the long-term trend is downward, the medium-term trend is upward, and the short-term trend is downward.
Chart 8
CBOT corn, September contract – price fell by 0.66 percent (148.32 USD/t – 587 PLN/t).
Chart 9
The continuation chart of corn futures listed on CBOT is dominated by a long-term downtrend, the medium-term is downward, and the short-term is downward.
Chart 10
