Tridge summary
Grain markets have seen increased risk premium due to deteriorating crop conditions in major exporting countries, with Chicago Board of Trade July 2024 wheat futures hitting an eight-month high. The release of the Kansas Wheat Quality Council's hard winter wheat tour results, indicating average yields of 46.5 bushels per acre, provided some market comfort. Despite minor differences between the tour's projections and the US Department of Agriculture's, international wheat price indicators remained stable, with notable price increases in south east Asia and the Black Sea region. Australian grain prices also saw fluctuations, with buyers actively purchasing grain offered by growers despite the stronger Australian dollar and the influence of US futures. The Clear Grain Exchange saw participation from 120 buyer businesses, trading 55 different grades of various grains, pulses, and oilseeds across 16 port zones in Australia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Through this northern hemisphere spring period, grain markets have been adding risk premium into prices as crop conditions have deteriorated in large grain exporting countries. Chicago Board of Trade July 2024 wheat futures reached eight-month highs mid last week, and then pulled back to end the week off the highs. The results of the annual Kansas Wheat Quality Council's hard winter wheat tour were released at the end of last week, which corresponded with the drop in United States wheat futures. The tour estimated an average Kansas wheat yield of 46.5 bushels per acre compared to the tour's five-year average yield of 42.4 bushels per acre, indicating Kansas crops are in reasonable shape. The outcome of the tour projects Kansas wheat production at 290 million bushels; in comparison, the US Department of Agriculture is forecasting production at 268 million bushels, a difference of 0.6 million tonnes. Hence the outcome wasn't overly "needle shifting", however may have provided market ...
Source: Farmweekly
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