The price of corn and soybeans listed on the Chicago Stock Exchange fell this Friday, October 2, 2020, a crucial weekend indeed for the American harvests. Moreover, wheat prices have increased.
"The weather looks ideal for the harvest," commented analysts as light rains are forecast between Saturday and Tuesday next in the eastern Corn Belt. The latest weekly US government figures, released on Monday, showed a marked acceleration in the pace of harvests last week, for both corn and soybeans.
WHEAT PRICES RISE
Soybeans also missed out on Friday's announcement of an order for 264,000 MT from China and 252,000 MT for delivery to unknown destinations.
Wheat, for its part, recovered in the wake of a decline, In particular because of drought forecasts in Russia, Argentina and the Great Plains of US.
Like other financial centers, the agricultural market has closely followed news related to the state of health of President Donald Trump, who tested positive for the coronavirus, as has his wife Melania Trump. The tenant of the White House, who had to suspend his re-election campaign, shows "mild symptoms", according to his chief of staff.
“President Trump is not a farmer, but his well-being is definitely a matter of national concern,” notes Ben Potter of Farm Futures Daily. “The news that he and the First Lady have tested positive for Covid-19 sent shockwaves across the country,” adds Ben Potter.
The bushel of wheat for delivery in December, the most active, ended at 5.7325 dollars against 5.7025 dollars the day before (+ 0.53%).
The bushel of corn (about 25 kg) for delivery in December, the most traded, ended Friday 3, 2020 at $ 3.7975 against $ 3.8275 Thursday (- 0.78%).