Spring wheat prices dealt on their 10-year lowest levels — Agritel

Spring wheat prices are dealing on their lowest levels for the last ten years with the selling pressure of producers increased by remaining volumes from the previous harvest, the Agritel consultancy reports.

"Sharp decline of wheat prices last Friday was caused by a bigger delivery on the September contract than initially anticipated. This is reflecting operators’ difficulties to find outlets on the physical market," commented the analysts.

Corn and soybean prices were in small evolution, traders are cautious in case of early frost that could hit late vegetative developed crops due to deferred sowing, the consultancy adds.

Farmers are waiting for concrete measures from US President Donald Trump to support the corn market through the ethanol sector.

Karen Braun, Global Agriculture Columnist at Thomson Reuters, commented on Twitter that last week exports were both successful for wheat and corn.

The forecast for global corn production in 2019/20 increased by 8 mln t to 1.1 bln t vs. 1.09 bln t a month earlier.