World grain market: Wheat fell in Chicago, rose in Paris on Thursday, and corn and soybeans continued to decline

Published 2024년 8월 9일

Tridge summary

The wheat market experienced a decline on Thursday, August 8, 2024, due to a disappointing export sales report. The US Department of Agriculture is expected to maintain its previous estimates in the upcoming WASDE report. The US, Taiwan, and Japan have made significant wheat sales since the start of the season. Meanwhile, Algeria has purchased a substantial amount of milling wheat in an international tender. Argentine relief from drought and cold weather, though not extending to all regions, is impacting agricultural expectations. In contrast, Brazil's corn and soybean production forecasts have been reduced, with export projections adjusting downward from the previous season. South American agricultural markets are experiencing various challenges, including strikes in Argentina that affect grain loading.

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

Original content

On Thursday, August 08, 2024, the wheat market was lower. By the end of the trading day, September soft winter wheat quotes on the Chicago Mercantile Exchange CBOT fell to $197.49 per ton, September hard winter wheat futures in Kansas City - to $202.64 per ton, September hard spring wheat futures in Minneapolis MGEХ - to $215.04 per ton. Wheat futures fell on all three exchanges on Thursday after a not very favorable report on export sales. September futures on the Chicago CBOT fell 3/4 of a cent. The Kansas City contract - by 4 cents. Spring wheat in Minneapolis fell by 1/2 of a cent. Export sales data showed that only 273,980 tonnes of wheat were sold in the week ending August 1 of the current marketing year, a 5-week sales low and at the lower end of estimates. The main buyer was Taiwan with 105,700 tonnes, while Japan sold 63,100 tonnes. From the beginning of the current season (June-July) to August 1, US exporters sold 8.5 million tonnes of wheat to foreign markets, a third ...

Source: Zol