Global grain market: Soybean and corn futures rose in Chicago, wheat futures fell on Wednesday

On Wednesday, May 22, 2024, US wheat futures reached their highest level since last July. At the end of the trading day, July quotations of soft winter wheat SRW on the Chicago Mercantile Exchange CBOT fell to $254.63 per ton, July futures of hard winter wheat KCBT in Kansas City - to $257.02 per ton, July futures of hard spring wheat MGEX in Minneapolis sank to $270.61 per ton. CBOT wheat tested $7 a bushel early in the trading session, but the price moved lower throughout the rest of the day, although traders were concerned about further declines in Russian production that could push wheat prices higher. The forecast for the wheat harvest in Russia was again lowered by the consulting company ICAR by another 2.9% to 83.5 million tons after frosts covered the center and south of the country in early May. Dry weather before the frost also reduced crop prospects. Soybean futures rose on Wednesday in response to rumors that China is buying export soybeans from the United States after ...