Spot prices for Russian milling wheat at the main export hub declined last week for the first time since July amid ample global supply, according to Andrey Sizov, managing director at market researcher SovEcon.
A healthy crop extended into this week’s progress report, which showed conditions unchanged and harvest progressing at a favorable pace. Corn rated at 74% good to excellent is 20% higher than last year’s crop rating.
The soybean market had been the slowest to break, but it began to catch up in August, losing more than 5% of its value. We still feel that soybeans are carrying a considerable risk premium and that they are the market with the greatest downside potential.