Global grain market: Wheat, corn, and soybeans rose on Wednesday ahead of USDA report

Published 2024년 9월 12일

Tridge summary

The wheat market experienced a rise on September 11, 2024, with futures prices increasing across exchanges. The USDA is set to release the September WASDE report the following day, amidst expectations of a large U.S. spring wheat crop despite quality concerns. Global ending stocks are forecasted to decline due to smaller crops in Russia and Europe, as well as weather challenges in other producing countries. This situation, coupled with decent U.S. export sales, could lead to an increase in the U.S. export forecast. Meanwhile, the European wheat market also saw an increase, with incomplete data from France and Bulgaria. Other agricultural markets, such as corn and soybeans, also showed positive trends.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Wednesday, September 11, 2024, the wheat market continued to rise. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $212.83 per ton, December hard winter wheat futures in Kansas City - to $216.14 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $226.52 per ton. The wheat complex showed gains on all exchanges on Wednesday. December futures in Chicago rose by 5 cents at the close. Futures in Kansas City rose by 4 ¼ cents. Spring wheat in Minneapolis rose by 6 ½ cents. The USDA is expected to release the September WASDE report on Thursday at 11:00 a.m. Central Time. The U.S. spring wheat crop is still expected to be large, although there are some growing concerns about quality due to recent wet weather during harvest. Canada recently estimated its wheat crop at 34.4 million tonnes, compared to the USDA’s August estimate of 35 million. Australia’s crop is looking good and should be larger than ...

Source: Zol