Chicago wheat recoups some losses as US dollar eases

Published Apr 19, 2024

Tridge summary

On Thursday, Chicago wheat futures saw a modest rise, rebounding from recent dips as the U.S. dollar weakened and Argentina reported a decrease in its expected wheat planting area. However, wheat prices are still hovering near four-year lows due to Russia's substantial supply and the sluggish demand for U.S. exports. In contrast, corn and soybean futures experienced slight decreases, influenced by concerns over Argentina's corn harvest being impacted by stunt disease and despite a record soybean harvest in Paraguay. The market's movements are further shaped by global currency shifts, varying weather patterns, and geopolitical tensions that could affect trade flows.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago wheat futures rose on Thursday, recouping some of their losses from the previous session, as the U.S. dollar weakened and an exchange in Argentina said less of the crop would be planted there than previously thought. Still, prices remained close to their lowest levels since 2020 due to ample supply from top shipper Russia and lacklustre demand for U.S. exports. Corn and soybean futures fell slightly, with both markets well-supplied despite rising concerns over Argentina’s corn harvest, which has been hit by a stunt disease spread by leafhopper insects. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.4% at $5.54-1/4 a bushel, as of 1040 GMT, after a 2.2% fall on Wednesday. It was near a four-year low of $5.24 reached in March. Prices will likely remain stuck between $5.25 and $5.75 for the time being, said Ole Houe, director of advisory services at IKON Commodities in Sydney. “It’s unlikely that we’ll go lower than $5.25,” he said, adding ...
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