World grain market: Corn extended decline, wheat is mixed, and soybeans are up on Monday

Published 2024년 8월 27일

Tridge summary

The wheat market closed mixed on August 26, 2024, with Chicago Board of Trade (CBOT) wheat hitting new lows due to a selloff, while Kansas City and Minneapolis wheat saw slight increases. The Crop Progress report showed a decrease in the condition of spring wheat crops, but export inspection data showed a significant increase in wheat exports, primarily to South Korea and Vietnam. Corn futures on the CBOT also fell due to expectations of a record harvest and ongoing sales by farmers, despite a decrease in corn export inspection data. Argentinian corn harvest is nearing completion, with experts expecting a total harvest of 46.5 million tons. Soybean futures on the CBOT rose due to increasing prices of soybean meal and oil, but the US soybean harvest may be hurt by extreme heat and lack of rain in the Midwest.

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

Original content

The wheat market closed mixed on Monday, August 26, 2024. Chicago Board of Trade (CBOT) soft winter wheat for December settled at $192.90 per ton, Kansas City hard winter wheat for December settled at $197.40 per ton, and Minneapolis hard spring wheat for December settled at $208.70 per ton. December wheat ended the day mixed, with CBOT wheat hitting new lows on a selloff, down 3¢ by the close. Kansas City wheat was up 2¼¢. Minneapolis spring wheat was down 4¼¢. The weekly Crop Progress report showed that the spring wheat crop is 51% complete. Crop condition was down 4% to 69% in the good and excellent categories. Export inspection data showed that 537,179 tonnes of wheat were exported in the week ending August 22. That was 44.1% more than the previous week and 37.6% more than the same week in 2023. South Korea was the largest destination with 95,579 tonnes, of which 66,113 tonnes were shipped to Vietnam. Chicago Mercantile Exchange (CBOT) December corn futures fell to their ...

Source: Zol