US wheats are uncompetitive on the international scene, Agritel
US wheats are uncompetitive on the international scene, particularly because of the dollar's strength against other currencies, Agritel writes in its regular report.
"On October 2nd, the American markets marked a decrease for all products, in a context of great uncertainties on global economic growth. Moreover, the corn prices dropped on chartist considerations after closing a gap," the agency informs.
Soybeans have some support in recent sales to China, thanks to a quota with reduced duties, Agritel analysts note.
In corn, there is a contradiction between US analysts' product estimates and farmers’ feedback, confirming lower yields than those reported last month by the USDA.
Previously reported that the sharp decline in the US corn stocks at the beginning of the season (September 1st) from 62.1 mln t to 53.6 mln t shocked the market and led to a strong price spike. This price increase supported the durum wheat price quotations in Chicago.