Low corn and wheat export levels cut prices in US - 10.12.2019

Low corn and wheat export levels cut prices in US - 10.12.2019

Wheat and corn prices declined slightly in Chicago yesterday due to a disappointing export momentum, Agritel reports. Only the soybean made an exception with a sale of 300 000 t to China.

"China has apparently agreed on a further quota at zero tariff for 1 mln t of US soybean following the tariffs-exemption on 10 mln t already granted. This is interpreted as a goodwill gesture from China before the possible US decision to tax USD 160 bln of Chinese products from December 15," the report reads.

Wheat export inspections amounted to only 228 086 t. This figure is under the previous week and below traders’ expectations. The market should stay quiet today before the release of the monthly USDA report.

In the week of Nov. 30 – Dec. 6, staple grains shipment in Ukrainian seaports amounted to 1.68 mln t, 50% higher from the previous week's figure  (1.12 mln t).

 

source: latifundist