Tridge summary
The wheat market closed higher on all three exchanges due to concerns about the condition of Russian winter wheat crops and heavy rain impact on Australian wheat quality. U.S. and European wheat futures also rose. The weekly export sales report showed 378,232 tons of all wheat sales, with Mexico and South Korea as the buyers. The corn market also closed higher due to strong export demand. Soybean futures rose supported by new U.S. export sales and a weaker U.S. dollar index. Trade data showed 9.426 million tonnes of soybeans shipped in October, with China as the buyer. Statistics Canada data put canola production at 17.845 million tonnes, below the forecast and down 7% from last year. Brazil's total soybean exports in November were 2.55 million tonnes, down seasonally and significantly from last year.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
On Thursday, December 5, 2024, the wheat market closed higher on all three exchanges. March soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $205.12 per ton, March hard winter wheat futures in Kansas City - to $203.01 per ton, March hard spring wheat futures in Minneapolis MGEХ fell to $219.91 per ton. Wheat futures in the U.S. and Europe rose on Thursday due to concerns about the condition of Russian winter wheat crops and the impact of heavy rains on wheat quality in Australia. March SRW futures in Chicago closed at $5.58-1/4, up 10 cents. Kansas City March HRW futures settled at $5.52-1/2, up 10 cents. Minneapolis March spring wheat futures settled at $5.98-1/2, up 9 cents. The weekly export sales report showed 378,232 tons of all wheat sales in the week ended Nov. 28, at the low end of trade forecasts of 250,000 tons and 550,000 tons, up 3.12 percent from the previous week. Mexico was the buyer of 151,900 tons, with 136,000 tons sold to South Korea. ...
Source: Oilworld
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