![Global uncertainty in the grain market: declines in wheat quotes and delays in Argentine sowings [World News]](https://foodcom.pl/wp-content/uploads/2023/09/Foodcom_World_News_Food-1520x760.jpg "Global uncertainty in the grain market: declines in wheat quotes and delays in Argentine sowings [World News]")
- Wheat prices on major exchanges fell after a series of earlier increases.
- Investors are taking profits ahead of the long weekend in the US, putting further pressure on prices.
- In Argentina, only 3.4% of the planned wheat area has been sown due to difficult weather conditions.
- Harvest forecasts in Argentina are threatened by heavy rains and local droughts, which may affect the global grain market.
Supply pressure and profit-taking ahead of long weekend weakens wheat prices
Friday morning brought declines in wheat prices on US commodity exchanges. The July contract on the Chicago Board of Trade (CBOT) was down 5¼ cents at US$5.44 per bushel. Kansas City wheat lost 3¾ cents (US$5.36¾) and Minneapolis futures were down 3¼ cents (US$6.01). This is the first major correction after a series of increases in recent days.
According to Arlan Suderman, chief commodity economist at StoneX, there have been sellers in the markets looking to secure profits ahead of the long Memorial Day weekend – stock markets will be closed on Monday, which tends to make investors more cautious. In addition, the approaching month of June is a time when market participants are increasingly attentive to weather forecasts for the US Midwest – a key region for corn and soybean crops, but also indirectly influencing sentiment in the grain market, including wheat.
Despite the temporary correction, the market remains vulnerable to climate and geopolitical changes, and any new information can quickly change the direction of prices.
Heavy rains and drought in Argentina delay wheat sowing campaign
Meanwhile, in Argentina, one of the country’s key grain exporters, weather conditions are severely disrupting the start of the 2025/26 wheat sowing season. According to the Buenos Aires Grain Exchange, only 3.4% of the planned 6.7 million hectares have been sown so far – a staggering 10 percentage points less than at the same time last year.
The situation is further complicated by both the heavy rainfall in the south of the country and the persistent drought in the north. Although the harvest forecast still stands at 20.5 million tonnes, experts warn that weather anomalies could significantly affect the final outcome of production and exports.
