Global grain market as orn and soybeans rose in price on Monday, turning around from three-year lows

Published 2024년 2월 27일

Tridge summary

On February 26, 2024, CBOT wheat futures, US March corn and soybean futures saw an increase, despite the wheat market facing pressure from a stronger dollar and abundant global supplies. However, the corn market remains vulnerable due to large inventories and limited demand. Traders are also monitoring potential spring planting disruptions due to unfavorable US weather. Meanwhile, the French grain market continued to decline. As of March 2023, wheat is priced at $214.73/t, corn at $182.28/t, and sunflower on the SAFEX exchange at 8504.00 zar./t, while sunflower oil remained unchanged at 920.00 $/t.

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

Original content

On Monday, February 26, 2024, CBOT wheat futures closed higher. At the end of the trading day, May quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to - $211.18 per ton, May futures of hard winter wheat KCBT in Kansas City - up to $211.82 per ton, May futures of hard spring wheat MGEX in Minneapolis - to $239.84 per ton. US March corn and soybean futures rose amid short covering on Monday after large deliveries earlier sent the three-year contract down to its lowest levels in more than three years. Corn on the Chicago Board of Trade recovered to stand above $4 a bushel, a benchmark that the market broke Friday for the first time since November 2020. The nearest contract is down about 14% this year and 37% from the previous month. a year ago, after record harvests in the US and Brazil. U.S. farmers are grappling with large inventories of corn from last year's harvest and limited demand for feed from livestock producers, who have slashed the nation's ...

Source: Zol