While the prices of corn and soybeans have remained stable, that of wheat listed on the Chicago Stock Exchange fell sharply on Wednesday, January 27, 2021. This trend is due to the rise of the dollar.
Félicienne HOUESSOU
The dollar is driving wheat down. Wheat contract prices in the U.S. currency fell in the face of a stronger dollar. The raw material has become more expensive for buyers of other currencies. Brian Hoops of Midwest Market Solutions explains that after a sharp rise in major contracts on agricultural products on Tuesday, market participants wanted to "reap their profits".
In the same period, corn and soybean prices are resilient. The bushel of wheat (about 27 kg) for delivery in March ended at $6.5825, up from $6.6525 the day before, down 1.05%
The bushel of corn (about 25 kg) for delivery in March ended at $5.3400, up from $5.3225 on Tuesday, rising 0.14%. The bushel of soybeans (about 27 kg) for delivery in March ended at $13.7475, compared to $13.7025 at the last close, an amount of 0.33%.
China, the U.S.'s largest agricultural customer, bought 680,000 tons of corn and 132,000 tons of U.S. soybeans. Buyers whose identities have not been revealed have also ordered 126,500 tons of soybeans.