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Wheat, Corn, Soya Prices Fall

Last modified January 11, 2016 09:37

The Economic Times. New Delhi, 07 January 2016.

When China slows down and the global commodity glut continues, there's reason for concern as they may drag down prices locally & globally. GLOBAL ROUT World equities headed for the biggest drop in at least three decades. A measure of wheat, corn and soya bean prices fell to a nine-year low as beneficial weather in Latin America boosted concerns that global supply gluts will expand, while a slump in equities dragged commodities lower. The Bloomberg Grains Subindex fell 2.1% to 38.77, the lowest since September 15, 2006. Beneficial rain boosted prospects for crops in Brazil, and Argentina exporters are increasing shipments, partly after the government relaxed tariffs. World equities headed for the biggest drop to start to a year in at least three decades, led by a rout in China. “It's just a culmination of everything,“ Don Roose, president of US Commodities in West Des Moines, Iowa. Rain in the next two weeks will recharge soil moisture in Brazil and boost yield prospects after dry conditions in December threatened corn and soyabean crops, Joel Widenor, the director of agriculture services at Bethesda, Maryland-based Commodity Weather Group, said. Drier weather in southern Brazil, Paraguay and northern Argentina in the next week will aid soaked plants reaching a reproduction phase, Widenor says. In the US, less than 2% of soft red winter wheat acreage was lost to flooding in the southern Midwest in the past week, and more favourable conditions this week will help rivers crest and ease the deluge from Illinois to Louisiana, Widenor said. Shipments of grain and oilseeds from Argentina were $752 million in the last three days of 2015, almost double the amount in the entire month of November, according to exporter group CiaraCec.

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