Grain Prices Plummet Ahead of USDA Report
Global prices for major grains and oilseeds fell on August 11 ahead of the USDA's report due on August 12. The CBOT saw September wheat futures decline by 1.6% to $231.57 per ton, while corn dropped by 0.34% to $171.95 per ton.
The US wheat harvest is progressing, with 91% of winter wheat and 24% of spring wheat harvested as of August 9. Spring wheat conditions have deteriorated, however, with only 51% rated good to excellent. In contrast, the EU's soft wheat exports since the start of the season totaled just 1.01 million tons, down from 2.36 million tons a year earlier.
Corn futures also closed lower, despite stable US crop conditions. ANEC raised its forecast for Brazilian corn exports in August to 5.17 million tons, up from 4.08 million tons. EU corn imports since the start of the season reached 1.58 million tons, a 25% increase year on year.
Soybean prices declined despite new US export sales to China and the Philippines. The USDA reported sales of 136,000 tons of new-crop soybeans to China and 180,000 tons of soybean meal to the Philippines. ANEC raised its forecast for Brazilian soybean exports in August by 1.14 million tons to 10.88 million tons.