Global grain market: Wheat and corn rose noticeably in price in Chicago on Wednesday, while soybeans slightly increased

Published Jan 25, 2024

Tridge summary

On January 24, 2024, wheat and corn futures at the Chicago Board of Trade (CBOT) saw an increase due to technical buying and a weaker dollar. The South American crop outlook and a weaker dollar led to a 1.3% rise in corn futures. Soybean futures had a mixed close after a volatile session. Energy markets, particularly crude oil, supported agricultural markets with a 1% rise due to larger-than-expected U.S. crude oil storage withdrawals. Weather forecasts predict a heat wave in Argentina's crop areas and a decline in Brazil's second corn crop production. Russian consulting firm Sovekon has increased its forecast for Russia's 2024 wheat harvest to 92.2 million tons.
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 Wednesday, January 24, 2024, Chicago Board of Trade (CBOT) wheat futures rose amid technical buying and a weaker dollar. At the end of the trading day, March quotes for soft winter wheat on the Chicago Mercantile Exchange CBOT rose to - $224.41 per ton, March hard winter wheat futures KCBT in Kansas City to - $229.92 per ton, March hard spring wheat futures MGEX in Minneapolis decreased up to - $258.86 per ton. Corn futures on the Chicago Board of Trade rose 1.3% on Wednesday amid uncertainty over the outlook for the South American crop and a weaker dollar. The DXY (US Dollar Index) sparked a round of short covering and lifted the benchmark corn contract from a three-year low that was set last week. CBOT wheat futures rose 2.47% amid technical buying and a weaker dollar, while soybean futures closed mixed after a choppy session. March CBOT corn rose 5-3/4 cents to $4.52-1/2 a bushel, and March CBOT wheat ended the day up 14-1/4 cents at $6.10-3/4 a bushel. March soybeans rose ...
Source: Zol
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