News

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

Wheat
France
United States
Published Apr 17, 2024

Tridge summary

On April 16, 2024, US wheat futures showed mixed results, with soft winter wheat prices dropping and hard winter and spring wheat prices increasing, influenced by the US dollar's strength, which is at its highest since mid-November, making U.S. agricultural exports more expensive. This comes amidst a backdrop of high supply and Chicago wheat futures nearing their lowest level since 2020. The USDA's report indicated 56% of the U.S. winter wheat crop is in good to excellent condition, the best since 2019 but below trade expectations. Global grain supply is affected by increased Russian wheat exports, decreased Ukrainian grain exports, and expected reduced grain production in Ukraine for the 2024-2025 season. Additionally, the article details planting percentages for soybeans and spring wheat, and trading prices for key commodities at the Chicago Mercantile Exchange for May delivery, noting decreases in prices for wheat, corn, and soybeans, while rice prices saw a slight increase.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

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: Zol
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