US Grains Suffer Sharp Losses in Chicago

The US Quotes experienced a decline despite the Dollar Index weakening, which usually increases the competitiveness of American origins. This was due to the first US corn and soybean harvests putting downward pressure on prices in Europe, coupled with high production prospects in the US. However, soybean oil prices saw a 1.5% gain, and international soybean sales were higher than expected at 1.75 Mt, while corn and wheat sales met expectations and predictions respectively. At the Chicago close, prices for December 2024 delivery of SRW wheat, corn, and soybeans were all down by various amounts.

US quotes suffered sharp losses this Thursday evening in Chicago, despite a rapid weakening of the Dollar Index, which is favorable to the competitiveness of American origins. The Fed's decision to quickly ease its monetary policy with a 0.5 point reduction in its key rates has in fact sent the greenback to its lowest level in over a year against other currencies. However, the first US corn and soybean harvests are putting significant pressure on prices across the Atlantic and the still very high production prospects in the United States are amplifying the phenomenon a little more. Soybean oil prices, however, continue to stand out with a new gain of 1.5% recorded this Thursday evening. US weekly international soybean sales also jumped above analysts' projections last week, to 1.75 Mt, while corn sales remained in line with expectations (847 kt). Wheat sales, ...