News

US: Afternoon highlights for April 16, 2024

Wheat
Published Apr 17, 2024

Tridge summary

In the commodities market, corn, soybeans, and Chicago wheat experienced a downturn, while Mpls and KC wheat showed strength. The rise of the US dollar to its highest since November 2nd, particularly affecting soybean prices through the devaluation of the Brazilian Real, played a significant role in the market dynamics. Additionally, crude oil prices fell, though RBOB futures were up. The grains market saw no major news for corn, but soybeans were hit by the Real's devaluation and Brazil's increased production estimates. Wheat futures had a mixed performance, with May Mpls and Chicago wheat unable to surpass their 50-day moving averages, whereas KC wheat found some support. The market is also closely monitoring Egypt's purchase of 120,000 MT of wheat from Ukraine and the potential impact of needed rains in the southern plains on wheat quality ratings.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Highlights Good Afternoon! Corn, soybeans, and Chicago wheat all closed lower today, while Mpls and KC were stronger. The US $$ rallied again today, currently up at its highest point since November 2nd. The Brazilian Real continues to devalue at a rapid pace, this may be part of the reason for the soybean move lower today, and overall trend lower the last few weeks. Crude oil prices are later after the grain market close, but RBOB futures are stronger and continuing to trend stronger. As of 1:45 PM CT: DOW was up 61 points at 38,049, S&P down 7 points at 5,097, crude down 15 cents at $85.26, and the US $$ up 61 ticks at 106.266. Corn Futures trade in sympathy with soybeans and wheat today. There wasn’t any fresh news today to get the market too excited. A sizable rain system is moving across the western and central corn belt, dropping inches of rain. Field work to start the week is slow across many regions so its all about prepping for planting. Cash markets were fairly quiet ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.