World grain market: Chicago wheat and soybeans rose on Thursday, corn traded in different directions

Published 2023년 6월 2일

Tridge summary

On June 1, 2023, the Chicago Mercantile Exchange witnessed a notable increase in the futures prices for wheat, soybeans, and corn, with wheat prices rebounding from a 2.5-year low. The rise in grain futures was attributed to concerns over potential drought in the Midwest, falling dollar values, speculative buying, and the passage of the US debt ceiling bill. Additionally, concerns over excessive rainfall in China's wheat-growing regions and the UN's proposal for Russian ammonia transit through Ukraine to extend the 'grain deal' also impacted market sentiments. In contrast, the French grain market saw mixed results, with milling wheat and sunflower prices experiencing gains, while corn prices declined.

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

Original content

On Thursday, June 01, 2023, July wheat futures on the Chicago Mercantile Exchange CBOT rose 2.8%, continuing Wednesday's rebound from a 2.5-year low. As a result of the trading day, July quotations of soft winter wheat CBOT in Chicago rose to $224.22 per ton, July futures of hard winter wheat KCBT in Kansas City - up to $294.86 per ton, July futures of hard spring wheat MGEX - up to $289.90 per ton. ton. Soybean futures in the US rose on Thursday on fears of worsening drought in the Midwest crop belt, the dollar's fall and speculative buying at the beginning of the new month provided additional support. Chicago Board of Trade (CBOT) wheat edged up 2.7%, extending Wednesday's rebound from a 2.5-year low. Corn futures traded mixed, with intermarket spreads and demand concerns weighing in early July, while deferred contracts closed higher on bad weather conditions in the US. The passage of the US debt ceiling bill in the House of Representatives supported the grain market, as well as ...

Source: Zol