Wheat futures in US, Chicago strengthened on Monday

Published 2023년 4월 11일

Tridge summary

Chicago wheat futures saw a slight increase due to concerns over dry weather impacting Kansas City wheat and uncertainty around a grain deal extension. Meanwhile, corn prices rose, while soybean prices fell due to improved planting prospects in the US. The USDA reported that 27% of winter wheat is in good to excellent condition. China's Dalian Commodity Exchange reduced the trading range for various futures contracts as a risk management measure. Russia is considering extending the grain deal and removing export barriers, while grain exports from Ukraine for the 2022/23 season amounted to 38.8 million tons as of April 10. Traders are anticipating the USDA's monthly global supply and demand report, which is expected to reduce production in South America, potentially increasing US exports.

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Original content

Chicago wheat futures edged higher on Monday as dry weather put Kansas City wheat at risk and an uncertain prospect for a grain deal extension supported prices, traders said. Corn also closed higher, although soybean prices fell as warm, dry weather improved planting prospects in the US, analysts said. “In the western part of the belt, where all this high-protein wheat is, it needs rain...........,” Craig Turner, commodities broker Daniels Trading, told Reuters. The USDA's weekly report says 27% of winter wheat is in good to excellent condition, up from 28% a week ago, the worst in early April. The most active Chicago Mercantile Exchange (CBOT) wheat contract edged up 3 cents at $6.78-1/2 a bushel, while May hard red winter wheat KC closed 11.5 cents higher at 8. $76 per bushel. Corn rose 10-1/2 cents at $6.54 a bushel, while soybeans lost 5-1/2 cents at $14.87-1/4 a bushel. China's Dalian Commodity Exchange said Monday it will cut the trading range for soybean meal and soybean ...

Source: Oilworld