Wheat remained under pressure on world commodity exchanges this week amid intensified diplomatic efforts to restore shipping in the Black Sea, experts at the Sofia Commodity Exchange (SCE) said in their analysis on Saturday.
At the Chicago Board of Trade, the December wheat contract fell by around 2% on Monday to about USD 253 per tonne, and reached USD 248 per tonne on Wednesday after the US Department of Agriculture raised its estimate for the winter wheat crop, with wheat following corn lower. On Euronext, the December contract fell to USD 265 per tonne on Monday, a six-week low. By the end of the week, it had recovered to around USD 270 per tonne.
Corn was the weakest-performing market in the US this week. Prices fell by nearly 2% on Monday despite China including corn on its list of US goods subject to reduced tariffs, as the market does not expect purchases to increase rapidly. The decisive blow came on Wednesday, when the US Department of Agriculture’s quarterly report put corn stocks as of September 1 at 2.095 billion bushels, 35% higher than a year earlier, the highest level in seven years and above all market forecasts. This sent Chicago futures down by around 20 cents to about USD 197 per tonne, close to six-week lows. On Euronext, the November contract also fell, from around USD 304 per tonne at the beginning of the week to USD 300 per tonne at the end, but remains significantly more expensive than US corn as the EU is facing a poor harvest.
Sugar prices came under pressure at the beginning of the week as forecasts of dry weather in Brazil through the end of the month pointed to faster harvesting of sugar cane. On Wednesday, as the October contract expired, raw sugar in New York (March contract) closed at around USD 415 per tonne, while white sugar in London (December contract) closed at USD 506.30 per tonne.
On the Sofia Commodity Exchange this week, deals were concluded for bread-making wheat at EUR 198 per tonne. The feed wheat bid of EUR 192 per tonne also remained in place.
Sales were concluded for canned foods: Apetit pâté at EUR 2.56 per kilogramme, moussaka at EUR 2.62 per kilogramme, bean stew at EUR 2.01 per kilogramme, mackerel in its own juice at EUR 3.02 per kilogramme, and cabbage rolls with rice at EUR 2.70 per kilogramme.
In the Industrial Goods sub-market of the SCE, deals were concluded this week for natural gas excluding excise duty at EUR 41.60 per MWh, gas oil for agricultural producers at EUR 1,656.34 per 1,000 litres, and heating diesel fuel at EUR 1,691.64 per 1,000 litres.
Wheat Prices Remain under Pressure amid Intensified Diplomatic Efforts to Restore Black Sea Shipping THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-03 06:13:58
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