News

CBOT trends in the US: Wheat, down 4-6 cents, corn steady-up 1 cent, soy steady-down 1 cent

Maize (Corn)
Published Feb 29, 2024

Tridge summary

Wheat futures head lower in range-bound trade, pressured by strong competition for export business and ample Russian supplies of exportable grain. * Firmer dollar .DXY adds to bearish sentiment, making U.S. grain less attractive to those holding other currencies. CBOT May soft red winter wheat WK24 last traded down 6-1/4 cents at $5.78 per bushel. K.C. May hard red winter wheat KWK24 was last down 9-1/2 cents at $ 5.76-1/3 a bushel. MGEX May spring wheat MWEK24 wasLast down 3-1/ 4 cents at $6.59. CBOT most-active May corn CK24 last traded up 1/2 cent at $4.24 per bushel Soybean futures seen flat to lower, with the benchmark May contract Sv1 hovering near a three-year low.
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

Wheat futures head lower in range-bound trade, pressured by strong competition for export business and ample Russian supplies of exportable grain. * Firmer dollar .DXY adds to bearish sentiment, making U.S. grain less attractive to those holding other currencies. * CBOT May soft red winter wheat WK24 last traded down 6-1/4 cents at $5.78 per bushel. K.C. May hard red winter wheat KWK24 was last down 9-1/2 cents at $5.76-1/4 a bushel and MGEX May spring wheat MWEK24 was last down 3-1/4 cents at $6.59. CORN – Steady to up 1 cent per bushel * Corn futures were little changed at the daily pause in trade as market players await fresh direction. Ample domestic and global corn supplies hang over the market, capping rallies, while commodity funds have already build a massive net short position in corn futures, leaving the market prone to bouts of short-covering. * Ukraine’s grain exports so far in February have exceeded the last year’s level by almost 12%, reaching 5.3 million metric ...
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