US: Wheat increased for the second session on supply concerns, while corn and soybeans ease

Published 2022년 6월 3일

Tridge summary

Chicago wheat futures gained on Friday due to concerns over tightening world supplies and rising prices in key consuming countries. Meanwhile, corn and soybeans markets slid. The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports due to ongoing fighting in Ukraine and Russia's seek for sanction concessions. In China, consumers are expected to pay more for food staples like noodles and bread this year due to record wheat prices. Argentina's wheat planting area for the 2022/23 season is expected to be around 6.5 million hectares, down from previous forecast of 6.6 million hectares, due to dry conditions and high fertiliser prices. India has allowed wheat shipments but at least 1.7 million tonnes are lying at ports and could be damaged by looming monsoon rains.

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

Original content

SINGAPORE (June 3): Chicago wheat futures gained more ground on Friday (June 3) with the market underpinned by concerns over tightening world supplies and rising prices in key consuming countries. Corn and soybeans markets slid. The Chicago Board of Trade (CBOT) most-active wheat contract had added 0.4% to US$10.62 (about RM46.58)-1/2 a bushel as of 0251 GMT, corn dipped 0.1% to US$7.29-1/4 a bushel and soybeans fell 0.1% to US$17.27 a bushel. For the week, wheat is down more than 8%, corn has lost around 6% and soybeans have dropped marginally. The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports while fighting continues in Ukraine and as Moscow seeks sanctions concessions rejected by Kyiv and its Western allies. Prices eased earlier this week on expectations of resumption in Black Sea supplies. United Nations (UN) aid chief Martin Griffiths is in Moscow to discuss clearing the way for exports of grain and other food from Ukraine's Black Sea ...

Source: Theedgemarkets