World grain market: wheat, corn and soybeans fell on Tuesday

The wheat market experienced a decline on Tuesday, with futures in the U.S. and Europe dropping due to a lack of positive news and pressure from the dollar. However, Russian wheat export prices rose despite a decrease in volumes. The EU estimated its soft wheat exports for the 2024/25 season at 10.54 million tonnes, a decrease from the previous year. In contrast, France's soft winter wheat area increased by 8.7%. The corn market also saw a decline, with the U.S. Department of Agriculture reporting a private export sale of 170,400 tonnes of corn to Mexico. The soybean market tumbled due to concerns about a new trade war between the U.S. and China, rain in Brazil, and lower prices for crude oil and vegetable oils. The French grain market also experienced a fall, with quotes for milling wheat and corn decreasing.

On Tuesday, December 17, 2024, the wheat market was lower. March soft winter wheat quotes on the Chicago Mercantile Exchange CBOT fell to $200.25 per ton, March hard winter wheat futures in Kansas City - to $202.82 per ton, March hard spring wheat futures in Minneapolis MGEХ - to $218.62 per ton. Wheat futures in the U.S. and Europe fell on Tuesday amid a lack of new optimistic news and pressure from the dollar on prices in the U.S. March SRW futures in Chicago closed at $5.45, down 5 cents. March HRW futures in Kansas City closed at $5.52-1/2, down 6 ¾ cents. Minneapolis spring wheat futures for March delivery settled at $5.95, down 5 cents. Japan has announced a weekly tender for 77,220 tonnes of U.S. and Australian wheat, of which 55,420 tonnes was U.S. wheat. Russian wheat export prices rose last week while export volumes fell, according to analysts at Russian consulting firms IKAR and SovEcon. SovEcon forecasts a smaller wheat harvest in Russia in 2025, below the average in ...