USA: Wheat ends sharply in the red on Chicago

US market sees a slip in wheat prices due to competitive Southern Hemisphere harvests and positive growing conditions for winter wheat in the US, with ratings improved to 56% 'good to excellent' by the USDA. However, Russia has reduced its 2025 harvest forecast by 3 Mt to 78.7 Mt, marking its lowest harvest in four years. The soybean complex is facing losses due to disappointing US crushing figures and a slowdown in Asian consumption. The USDA has confirmed significant sales of soybeans and corn to Spain and Mexico respectively.

The US market slipped into negative territory again on Tuesday evening in Chicago. Wheat prices are losing ground in particular in the face of pressure from Southern Hemisphere harvests, which are particularly competitive on the international scene. In the United States, growing conditions for winter wheat are also causing little concern, with ratings of "good to excellent" being raised by one point by the USDA, to 56%, compared to only 39% last year at the same time. In Russia, however, SovEcon cut its 2025 harvest projection by 3 Mt, to 78.7 Mt, which would represent the country's lowest harvest in four years. The soybean complex, for its part, lost ground in response to US crushing below market expectations last month, according to Nopa. Vegetable oil prices are also once again under pressure from a slowdown in Asian consumption. USDA did, however, confirm sales of 187 kt of soybeans to ...