USA: Wheat recovers from 6-month low, soybeans, and corn ease

Published 2022년 8월 4일

Tridge summary

Chicago wheat futures experienced a slight increase due to bargain-buying, reaching their highest price since early February, although gains were limited by new supplies. Meanwhile, soybeans and corn prices saw a decrease, driven by predictions of improved weather in the U.S. Midwest, which could help mitigate the effects of recent heat on crops. However, concerns persist about potential crop damage from high temperatures and drought. Global wheat consumption is expected to decline significantly due to record inflation, with consumers and companies seeking cheaper alternatives. Additionally, Indian refiners have capitalized on India's duty-free imports of soyoil to increase their purchases, leading to a record high in imports in July.

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

Original content

Chicago wheat futures edged higher on Thursday, with prices rising form their lowest in six months on bargain-buying, although pressure from newly harvested supplies capped gains. Soybeans and corn ticked lower on forecasts of improved U.S. Midwest weather for crops, which have suffered from intense heat in recent weeks. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.7% to $7.69 a bushel, as of 0440 GMT, after dropping on Wednesday to its lowest since early February at $7.52 a bushel. Soybeans Sv1 lost 0.3% to $13.65-1/2 a bushel and corn Cv1 gave up 0.6% to $5.92-3/4 a bushel. The wheat market came under pressure this week, as fresh supplies from the Northern Hemisphere entered the market. The first grain vessel to leave a Ukrainian sea port since the start of the war was inspected in Turkey on Wednesday before its onward journey to Lebanon, but Ukrainian President Volodymr Zelenskiy said this was only a fraction of what Kyiv needed to export. ...

Source: Hellenic Shipping News