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Technical analysis August 5
The wheat price on the CBoT is up 2,4% and closed at $7.81,75 per bushel. Spring wheat in the US seems to be doing well. Earlier this week, yields above the five-year average were forecast in the Crop Watch. In addition, some experts comment that the expectation is on the generous side.
However, the mood in the market is changing. Despite good harvest forecasts for spring wheat, the supply of wheat on the market remains tight. Demand for wheat has picked up due to relatively low prices in recent weeks.
Today, three ships loaded with about 58.000 tons of grain will depart from Ukraine. Two come from the port of Chernomorsk and one from Odessa. According to a spokesman for the board of Odessa, the first empty bulk carrier from outside Ukraine is also expected in the port today. It would be a Turkish ship. However, that had only a limited impact on the wheat price.
Soy closed on the CBoT last trading session at $14.19 per bushel. That is an increase of 3,6% compared to the day before. Weather forecasts are an important guiding factor in the market. Earlier this week, trade focused on forecast rain in parts of the Midwest. Now worries about drought and heat are increasing again in the soy market. To a slightly lesser extent, maize is also being pulled up by the less favorable growing conditions in the US. As a result, corn closed 1,9% higher on the CBoT at $6.02,25 per bushel.
Jurphaas Lugtenburg
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