Staple crops cheapened after US Government compensation statement

On May 23rd, Chicago Board of Trade (CBOT) futures for staple crops dropped after the US government officially announced plans to pay cash compensation to farmers affected by the trade conflict with China, the APK-Inform consultancy reports.

Futures for the following crops lost in price:

• wheat — dropped to USD 172.7 per ton (–USD 0.9);
• corn — USD 153.4 per ton (–USD 1.9);
• soybean — USD 301.8 per ton (–USD 2.6).

The US government plans a farm aid package of USD 16 billion for farmers payable from August of this year.

Previously reported that wheat prices in the US and the EU increased sharply against the backdrop of a forecast of further precipitation in the Plains and Midwest, reducing the pace of spring wheat sowing and significantly worsening the quality of winter wheat.