Wheat prices fall as U.S. crop outlook improves
Chicago wheat futures slid on Monday, with prices trading close to last weeks lowest in almost two years, as rain in the U.S. Plains improved the outlook for crops.
Corn prices also lost ground."While there will need to be more rain in the central and southern Plains..., a wave of precipitation certainly leaves a bearish element in the market," commodities research firm Hightower said in a report.
Recent rain in the drought-hit U.S. Plains and forecasts for more have eased concerns about hard red winter wheat production.
In a sign that more Ukrainian grain may hit the market, the European Commission said on Friday it had reached a deal in principle to allow the transit of Ukrainian grain to resume through five European Union countries that had imposed restrictions.
Egypt, one of the world"s top wheat importers, said on Saturday it was strongly considering approving the currencies of its commodity trading partners, including major wheat exporter Russia, to try to reduce the need for dollars.
The corn market is facing headwinds as a large Brazilian crop is eating into demand for U.S. supplies.
A bumper Brazilian soybean crop is also expected to flow onto export markets, offsetting a drought-hit harvest in Argentina.
تاریخ: سه شنبه ١٢ ارديبهشت ١٤٠٢ ساعت: ١٥:٣٤
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