USA: Wheat and corn rose on Wednesday, soybeans fell again

Published 2024년 10월 17일

Tridge summary

On October 16, 2024, wheat markets experienced gains across major exchanges due to speculation of reduced Russian exports, with notable increases in Chicago, Kansas City, and Minneapolis. Despite improved weather forecasts in the U.S. and Argentina, U.S. corn futures rose due to poor crop conditions and increased global demand, while soybean futures fell amid a faster-than-average U.S. harvest and declining soybean oil prices. European wheat export potential decreased due to crop failures, with French wheat markets seeing growth. Additionally, corn on the Paris Stock Exchange (MATIF) was priced at €212.00 per ton, with exchange rates provided for various currencies, including the ruble.

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

Original content

The wheat market was higher on Wednesday, October 16, 2024. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $214.95 per ton, December hard winter wheat futures in Kansas City - to $216.32 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $228.08 per ton. The wheat complex showed gains on three exchanges by the close of Wednesday. December SRW futures in Chicago closed at $5.85, up 5 ½ cents. HRW futures in Kansas City closed at $5.88-3/4, up 5 ¾ cents. Minneapolis spring wheat settled at $6.20-3/4, up 4 1/2 cents. U.S. and European wheat futures rebounded Wednesday, ending a three-session slide, as speculation of a drop in Russian exports outweighed an improving weather forecast for the U.S. and Argentina. Crop Progress data showed the pace of winter wheat planting as of Oct. 13 was 64%, 2% below the average pace. Emergence was recorded at 35%, compared with the five-year average of 38%. ...

Source: Oilworld