Tridge summary
Wheat prices in Chicago saw a surge of over 2% on Monday due to increased tensions in the Black Sea, with the US authorizing Ukraine to use American missiles, leading to concerns about the global cereal market. The depreciation of the Dollar Index also contributed to the rise in wheat prices. Meanwhile, the soybean complex experienced varied performance due to uncertainties, despite the US soybean crush reaching a new high of 200 Mbu. The USDA reported significant sales of soybeans, soybean oil, and soybean meal to Mexico, India, and the Philippines respectively.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Wheat prices jumped by more than 2% on Monday evening in Chicago, mainly in response to the new escalation of tensions in the Black Sea. Washington has indeed authorized Ukraine to strike Russia with long-range American missiles, thus reviving market fears regarding the impact of this conflict on the global cereal market. The sharp correction of the Dollar Index (-0.5%) also gave a bullish boost to the trend, mechanically strengthening the competitiveness of US origins on the international scene. The soybean complex, on the other hand, evolved in a scattered order on Monday in the face of uncertainties regarding the impact of Donald Trump's return to the White House. However, US soybean crush surged above market expectations last month, according to Nopa, to 200 Mbu, a new all-time high (for any month) and a jump of more than 10 million bushels from October 2023. USDA also reported sales of 261 kt of soybeans to Mexico, 30 kt of ...
Source: TerreNet
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