Global grain market: futures for wheat, corn and soybeans continued to decline in Chicago on Tuesday

Published Apr 18, 2024

Tridge summary

On April 16, 2024, US wheat futures showed mixed results, with soft winter wheat prices in Chicago declining due to the strong US dollar and high supply, while hard winter and spring wheat in Kansas City and Minneapolis respectively saw increases. The USDA reported the highest good to excellent condition for the US winter wheat crop since 2019, despite being below trade expectations. Meanwhile, soybean and corn futures fell amid competition from South American and Russian sellers. In Europe, the French grain market's milling wheat quotes remained stable, while corn quotes were also provided. Additionally, Ukraine's grain exports are expected to decrease due to reduced plantings and production forecasts for 2024, with the USDA forecasting a decline in the country's total grain production and exports for the 2024/25 season.
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

On Tuesday, April 16, 2024, US wheat futures closed mixed. At the end of the trading day, May quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $202.00 per ton, May futures of hard winter wheat KCBT in Kansas City rose to $215.87 per ton, May futures of hard spring wheat MGEX in Minneapolis rose to $234.51 per ton. The US dollar on Tuesday hit its highest level against a basket of major currencies since mid-November. Chicago wheat futures fell on Tuesday, remaining near their lowest level since 2020, weighed down by high supply and a rising dollar that has made U.S. agricultural exports more expensive for importers. Soybean and corn futures also fell. The most active Chicago Board of Trade (CBOT) May wheat contract was down 2 cents at $5.49-3/4 a bushel, May CBOT soybeans fell 13-1/4 cents to $11.45 a bushel and May corn fell 1/2 cent to $4.31 a bushel. U.S. soybean and corn exporters face stiff competition for global markets from South American ...
Source: Oilworld
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