USA: Wheat and corn fell on Thursday; soybeans rose in price

Published 2024년 11월 1일

Tridge summary

The wheat market experienced losses on October 31, 2024, due to forecasts of rainfall in winter wheat growing areas, easing drought concerns. U.S. and European wheat futures also fell due to a report showing total wheat orders at a five-week low. However, Algeria bought 480,000 tons of wheat, likely of Black Sea origin. In contrast, corn and soybean futures saw gains due to higher export sales. The European Commission also cut its EU wheat production forecast for the 2024/25 season by 2 million tons to 112.6 million tons.

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

Original content

On Thursday, October 31, 2024, the wheat market was lower. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT fell to $209.62 per ton, December hard winter wheat futures in Kansas City - to $209.16 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $222.02 per ton. The wheat complex closed the session with losses on all three exchanges. December SRW futures in Chicago closed at $5.70-1/2, down 2 ¾ cents. HRW futures in Kansas City closed at $5.69-1/4, down 6 ½ cents. Minneapolis spring wheat settled at $6.04-1/4, down 4 ¾ cents. U.S. and European wheat futures fell Thursday as forecasts continued to show rainfall in many winter wheat growing areas of the U.S. Great Plains during the coming week, easing drought concerns. FAS’s weekly export sales report showed total wheat orders at 411,424 tons, a five-week low and at the lower end of estimates of 300,000 and 600,000 tons. Mexico was the largest buyer, with ...

Source: Oilworld