U.S’. grain markets closed on a lower note before Thursday’s Thanksgiving Holiday, while groceries eased prices this Black Friday.
In Chicago, wheat edged up by a paltry 3/4 ¢ for the December contract, for an evening best of $6.14 1/2 a bushel. This slight back-to-back improvement from the previous day follows supply gap after recent sales of winter wheat to China.
Corn and soybeans stopped their winning streak in the past week, however. Corn dipped by 1 1/4 ¢ a bushel for the December contract in Chicago, to sell at $4.68 3/4 per bushel. The January soybean contract in Minneapolis eased by 20 3/4 ¢ to end the day at a best of $13.561/2 per bushel.
Wheat’s pricing fortunes have had many supporting elements, including new Odessa port strikes by Russia that have pressured supplies.
Corn and soybeans continue to face losing elements such as unsold stocks. This is despite recent price rises due to lack of rains in the south of Brazil, their current main source.
Black Friday Brings Boon to Grocery Customers
In the retail markets, food prices have got a new attraction in the name of post-Thanksgiving holiday discounts.
A glut in discounted commodities in the grocery sections of U.S’. supermarkets has met customers this Black Friday.
Grocery owners, however, fear that the official start of the Christmas shopping season may see low spending power due to inflation.
Economists cite that most American customers are currently under pressure, as their yearly savings ended mostly from October.
The National Retail Federation still expects consumers to spend 3 to 4% more through December than in earlier months. This will be a little less than the spending rate of 5.4% in a similar holiday season in 2022.
According to McKinsey research, 80% of American shoppers look forward to discounted Black Friday offers in order to “trade down.” That is, they will be seeking cheaper options of what they’d wish to buy but couldn’t afford earlier.
Groceries whose prices began to fall as early as September are now in the black as buyers start to enjoy whopping discounts.
Key discounted groceries include a one-dollar coffee at Dunkin,’ inclusive with a freebie donut every Wednesday, all of December.
Other outlets are offering discounted chicken wings at $19.83 for any size a customer can eat in one sitting. There are also cuts on yogurt and dairy.