USA: Wheat sharply rises in price, corn and soybeans also rise on Monday

Published 2024년 9월 24일

Tridge summary

The wheat market experienced a significant increase on September 23, 2024, with futures prices rising across exchanges due to dry planting conditions in key wheat-producing areas like Russia, Ukraine, and western Australia, along with higher spot prices for Russian wheat and reduced export forecasts. In the U.S., the NASS report showed a slight progress in wheat planting, while corn futures also rose due to profit taking, increased export inspections, and global weather concerns. Meanwhile, soybean markets saw gains amid dry planting conditions in Brazil and Argentina, with the U.S. reporting private export sales and a slight increase in export inspection data. Additionally, the European grain association Corceal lowered its forecast for European wheat and corn production, and the French wheat market also reported increases. Closing prices for November and December contracts on the Paris Stock Exchange (MATIF) showed modest gains in milling wheat, corn, and sunflower.

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

Original content

The wheat market was sharply higher on Monday, September 23, 2024. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $214.03 per ton, December hard winter wheat futures in Kansas City - to $212.10 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $227.44 per ton. On Monday, the wheat complex rose sharply on all three exchanges. December SRW futures in Chicago showed double-digit gains, up 14 cents. HRW futures in Kansas City rose 13 ½ cents. Spring wheat in Minneapolis rose 11 cents. Wheat was higher, driven by dry planting conditions in Russia and Ukraine and western Australia, rising spot prices for Russian wheat for November-December delivery, and forecasts for lower Russian exports after August-September records. The NASS crop progress report showed 25% of U.S. winter wheat acreage planted as of Sept. 22, up 1% from the normal 24%. Emergence was 4%, 1 percentage point below the 5-year average. ...

Source: Zol