World: Grain and soybean market prices rise since last month
Grain and soybean world market prices have risen by USD 10,-/25,- per tonne since last month. The early reason for firmer markets was the size of Chinese purchases, analysts talked of “demand bull” markets, H. M. Gauger GmbH reported earlier in October.
Estimates of a smaller U.S. corn crop, smaller crops in France and U.K., drought in Ukraine and southern Russia, La Nina caused drought risk for bean and corn crops in Brazil and Argentina were constructive as well.
On September 21 equity and commodity futures markets slumped drastically, but physical grain and oilseed markets remained stable. Finally on the last day of September, the USDA published grain and soybean stock numbers far below their last year’s and early September estimates, which caused a price explosion on the futures markets; Chicago wheat and beans were up approximately 30, corn 14 cents/bushel. Matif wheat was up € 5,- per tonne. No doubt markets will be volatile in the weeks to come, but the general trend is bullish. It concerns all markets, international and domestic, everywhere in the world, the Gauger analysts said.
Farmers all over the world had held on to their grain stocks, as if they knew what was coming. One factor, however, must not be forgotten: the Covid-crisis may have a strong impact on world consumption.
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