US grain prices fell amid expectations of poor harvests
Grain futures prices fell in US trading today, amid increasing fears of a decline in demand due to expectations of lower crops as a result of the severe heat wave that hit the American Midwest.
And according to Bloomberg news agency, the price of wheat for delivery next December recorded a decline of 1.2 percent in the Chicago Stock Exchange trading, while the price of wheat for delivery in the same month fell by 4.1 percent.
The rise in the value of the dollar, which makes US commodities more expensive in the global markets, prompted US wheat prices to decline, as the price of wheat for December delivery recorded a decline of 6.0% to reach $3575.6 per bushel, while the price of corn declined by 6.0% to reach $875.4 per bushel ( On the other hand, the price of soybeans increased by 3.0% to reach $65.13 per bushel for delivery next November.
Bloomberg news agency quoted data from the European Commission as saying that it expects the corn crop this year to reach 7.61 million tons, not 63 million tons, as expected last July. It also lowered its estimate for the barley crop to 6.48 million tons, compared to 7.48 million tons last month.