“Helped by the evolution of prices in the United States and the easing of the euro against the dollar, cereal prices on Monday September 30, 2024 marked an increase on Euronext, introduces Argus Media in its daily note published on October 1, 2024 However, wheat prices are unable to return to last week’s levels. On the other hand, corn marks a new high since the end of July” on the November deadline.
Thus, the tonne of wheat ended at €222.25 (+€1.25 compared to the previous closing) on the December deadline and at €233.25 (+€1.75) on the March 2025 deadline. yesterday, September 30. That of corn closed the session at €209.25 (+ €2) in November and at €217.25 in March 2025 (+ €1.50). This Tuesday, October 1, shortly before 12:30 p.m., a ton of wheat gained €2.25 to €224.50 on the December deadline and €1.75 to €235.00 on the March deadline. That of corn increased by €2.25 to €211.50 on the November deadline, and by €1.50 to €218.75 on the March deadline.
Support for the Chicago Stock Exchange
On the Chicago Stock Exchange, wheat prices showed a slight increase, from 4 cents per bushel, to 5.84 dollars in December according to Sitagri. “The latest production estimate in the United States, all wheat, shows a slight decline compared to the announcements from the USDA (local Ministry of Agriculture) at the beginning of September and is now at 53.6 million tonnes. », Notes Argus Media.
The USDA also released its quarterly inventory estimates at the end of August on Monday. The volumes are unsurprisingly higher than those of last year but also for corn, lower “than the consensus of operators’ expectations,” notes the firm. This situation led prices to recover on the Chicago Stock Exchange where the December corn deadline came back to test […] its highest level in three months. »
According to Sitagri, a bushel of corn closed at $4.2475, up 6.75 cents. Operators are also paying attention to the progress of harvesting work, which reached 21% this week.
Raphaëlle Borget
