Grains

Corn & Wheat

The average weekly price of CBOT Maize as of October 29 increased by 1.2% M-O-M and rose by 3.6% Y-O-Y to $168.92/mt. Market players said that recent developments in US-China trade relations have been a major influence on corn prices, with volatility persisting amid shifting demand signals. Traders noted that US corn remains uncompetitive compared with Brazilian origin, suggesting that near-term Chinese demand may be more symbolic than structural. Producers said that US input costs have also risen (fertilizer).

The average weekly price of CBOT Wheat as of October 29 increased by 0.6% M-O-M and declined by 8.4% Y-O-Y to $192.00/mt. Sources say that soybean futures surged amid optimism among traders that Chinese purchasing would continue following trade negotiations between Washington and Beijing. Industry insiders noted that soybean price support helped lift grain prices in tandem. Furthermore, market participants reported that US wheat demand is firming, with year-on-year exports up 19%.

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