US wheat lacks competitiveness against other ag commodity exporters — Agritel
16 September 2020, 13:09
Yesterday, September 15, prices decreased on all agricultural commodities in Chicago, the Agritel consultancy reports.
Soybeans dropped on massive profit-taking after the temporary breakthrough of the 10 USD/bu resistance level.
"It must be said that the crushing activity in the USA is at a 9-month low," the report reads.
On the corn side, ethanol production is expected to be 20% down vs last year. In addition, the current anticyclonic weather conditions will allow an acceleration of harvesting pace.
"American wheat, for its part, lacks competitiveness compared to other major exporting countries," analysts say.
Learn more: Wheat Exporters from Ukraine in 1H 2020
Previously reported that the supply of wheat from European countries in 2020/21 will decline markedly — by around 32.3% YoY.
