USA: Wheat, corn, and soybeans fell in price on Wednesday

Published 2024년 8월 8일

Tridge summary

The wheat market saw a decline on August 7, 2024, with futures suffering losses on three exchanges due to signs of weakening demand for US exports and the continued recovery of the US dollar. However, uncertainty over the size and quality of the global crop prevented further falls. Meanwhile, rainfall in Argentina has positively impacted wheat crops, but concerns over low temperatures next week could cause damage. Additionally, corn and soybean futures also fell due to expectations of a record U.S. harvest and sluggish demand. Argus estimated French wheat production at 25.2 million tons, marking the lowest in 41 years.

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

Original content

On Wednesday, August 07, 2024, the wheat market declined. At the end of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $197.77 per ton, September futures of hard winter wheat KCBT in Kansas City - to $204.11 per ton, September futures of hard spring wheat MGEX in Minneapolis - to $215.22 per ton. Wheat futures suffered losses on three exchanges on Wednesday. September CBOT futures in Chicago fell 5 cents. Kansas City contracts fell 6 cents. Minneapolis spring wheat suffered a loss of 6-3/4 cents. Chicago wheat futures fell on signs of weakening demand for US exports, although uncertainty over the size and quality of the global crop helped keep prices from falling further. The continued recovery in the US dollar also weighed on futures. Traders polled by Reuters expect a total of 250,000 to 500,000 tonnes of wheat to be sold for export in the week ending August 2. Rainfall over large parts of Argentina's agricultural ...

Source: Zol