Wheat and corn prices continued to decline this Tuesday mid-session on Euronext, under pressure in particular from solid technical resistance points. The market also notes the arrival of beneficial rains in South America, which should notably improve river traffic in Brazil and corn sowing conditions in Argentina.
Corn harvests in the United States also continue to progress at a good pace. According to the latest USDA Crop Progress, the work was 59% complete last week, compared to the five-year average of 54%. Winter wheat sowing, on the other hand, is only 77% complete, compared to 78% on average over five years.
Shortly before 2:00 p.m., Euronext wheat maturing in December 2023 fell by €2.25/t, to €235.50/t, while the March 2024 contract fell by €2.25/t, to €240.25/t. t. Euronext corn for delivery March 2024 fell by €0.75/t, to €209/t, the November 2023 term fell by €1.25/t, to €204/t.