Global Agricultural Markets Decline Amid Weak US Export Data

Global agricultural markets saw declines in major commodities on Tuesday, August 4. Wheat futures posted the steepest losses due to weak U.S. export data and lower crude oil prices. The September CBOT soft red winter wheat contract fell by 1.92% to $234.60/ton.

The decline was also observed in corn futures, which lost 1.56% to $174.11/ton. However, market fundamentals remained supportive, with U.S. June corn exports reaching a record 7.926 million tons for the month.

Soybean futures also declined amid weaker energy markets and forecasts for wetter weather across the U.S. Midwest. Despite this, the U.S. Department of Agriculture reported another sale of 132 thousand tons of new-crop soybeans to China.

Russian wheat export prices continued to weaken, with Black Sea FOB wheat prices declining to $227/ton. Rapeseed was the only major agricultural commodity to post gains during the session, rising by 0.33% to 760.7 Canadian dollars per ton.