After the correction on the Matif, the CBoT also followed in the last trading session. Prices of maize and soy in particular were driven up by disappointing yield forecasts from the US. The market started to rumble against the resistance level with the result that speculators are now cashing in on their profits.
The September wheat contract closed at €327 per tonne on the Matif yesterday. This meant that the quotation was down €2,25 compared to the day before. On the CboT, the wheat price fell by 3,2%. Corn and soy closed 1,2% and 0,5% lower respectively compared to the previous close.{{dataviewSnapshot(40_1661509539)}}
Lower soy and corn yields from last year in the Pro Farmer Midwest Crop Tour propelled upward momentum earlier in the week. The concerns about disappointing returns are certainly not over yet, but the sharp price increases have ensured that some of the speculators have taken their profits.
Too expensive
Egypt caused some unrest in the trade on the wheat market. According to sources, Egypt did not do direct business with the grain trading houses on Wednesday. According to sources, the Egyptian purchasing agency GASC thinks the prices of the traders are high. Some Asian buyers have done business in North America. Taiwan has reportedly bought more than 34.000 tons of wheat from the US in a tender. Japan bought a total of nearly 120.000 tons of wheat from the US, Canada and Australia.
The USDA export figure yesterday caused confusion. The export figures of the raw materials are published weekly on Thursdays. That also happened this Thursday, but the figures were soon taken offline again due to errors. The errors were so extreme that they were quickly removed by trade. Export figures are an important indicator of what is happening in the market. The USDA blames the problems with the export figures on problems with the switch to a new system and has apologized for that.