Global grain market: futures for wheat, soybeans and corn in Chicago rose on Monday

Published May 7, 2024

Tridge summary

On May 6, 2024, U.S. futures for wheat, soybeans, and corn hit multi-month highs, driven by adverse weather conditions in Brazil and Russia that threatened crop yields. Wheat prices surged on the Chicago, Kansas City, and Minneapolis exchanges due to weather issues in Russia, while soybean and corn futures were boosted by flooding in Brazil's Rio Grande do Sul, impacting soybean harvests and potentially corn production. The USDA's reports of slower U.S. corn and soybean planting progress, alongside a slight improvement in winter wheat conditions, further influenced the market dynamics.

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

Original content

On Monday, May 06, 2024, US wheat futures rose again due to unstable global weather. At the end of the trading day, July quotations of soft winter wheat SRW on the Chicago Mercantile Exchange CBOT rose to $238.28 per ton, July futures of hard winter wheat KCBT in Kansas City - to $248.11 per ton, July futures of hard spring wheat MGEX in Minneapolis - to to $266.57 per ton. U.S. wheat, soybean and corn futures soared to multi-month highs on Monday amid concerns about potentially damaging weather in Brazil and Russia. Chicago Board of Trade (CBOT) July wheat rose 26-1/4 cents to $6.48-3/4 a bushel. July CBOT corn rose 8-3/4 cents to $4.69 a bushel, its highest since January, July soybeans rose 33-3/4 cents to close at $12.48-3/4 a bushel. bushel. The rise in wheat prices was due to unstable weather conditions in Russia, including drought in the south of the country and May frosts in some regions. Last week, consulting company ICAR lowered its forecast for the wheat harvest for the ...

Source: Oilworld