American wheat hesitates in the face of the situation in Russia
Wheat
Published Mar 26, 2024
Tridge summary
On Monday, cereal prices in Chicago exhibited mixed trends due to several factors, including the obstruction of Russian wheat shipments by local authorities, potential quota reallocations, and the impact of ongoing strikes between Russia and Ukraine on the grain market. The US saw weekly corn inspections at the higher end of expectations, with wheat and soybean inspections aligning with consensus forecasts. The soy complex benefited from a technical recovery, buoyed by robust vegetable oil prices. Notably, SRW wheat prices for May 2024 experienced an increase, corn futures for the same period slightly declined, and soybeans for May 2024 saw a significant rise.
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
Cereal prices ended mixed this Monday evening in Chicago. News concerning the blocking of shipments from one of the main Russian wheat exporters by local authorities, and a potential reallocation of its quotas to other traders in the country, has indeed caused some confusion in the market. The escalation of strikes between Russia and Ukraine also adds to the general tension on the grain market. Also of note, weekly corn inspections at US ports hit the high end of market expectations last week at 1.23 Mt. Wheat (315 kt) and soybean (769 kt) inspections are at their side emerged in the consensus. The soy complex, for its part, made a technical recovery, helped by the still strong ...
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