World Wheat price has Fallen after Russia Rejoins the Black Sea deal on safe Passage
09 Nov 2022
U.S corn futures slumped 0.07% at 666.50 on Wednesday.
Grain prices were relief on Monday after a ship left a Ukraine port with fully loaded corn for the first time since the UN-brokered deal came into force
On Tuesday US Corn futures session ended with fractional to 31/4 cent losses. March contracts were above the $7/bu mark at the high of the day, and the December contract stalled just 1 ¾ cents after the CPI data released the US Dollar index rose around 1600 points.
CBOT December Corn Futures have bounced 18%, but endured 13.4% under the may high, Yesterday Dalian Corn Prices were close at 2,740 yuan /MT($10/Bu). that is up 7.5% from August, but still down from the April high
WASDE report scheduled for Monday, estimates expect USDA to lower the corn yield by a minimum of 3bpa to 172.4, According to a high-end report, estimates expect a half bushel cut with the lowest price estimate looking for 170 flat
USDA’s August forecast was 14.359 bu, In the September report, Brazil’s CONAB cut their 21/22 corn crop by 1.2MMT to 113.3 MMT.
According to Census data, corn was down from 5.476 MMT during the last season of July. Sep22 Corn contract was $6.74, down by 21/4 cents, Dec 22 Corn contract was $6.68, down by 10.5 cents, Mar 23 Corn Contract closed at $6.73 1/4, down 10.5[ cents.
The wheat market rebounded on Thursday
LONG-TERM TECHNICAL ANALYSIS
This daily chart of U.S Corn futures indicates that the market is going in a downtrend. Currently, it is moving below all SMA. RSI is in selling zone which indicates bearishness, MACD is below zero which indicates bearishness