Tridge summary
The wheat market showed mixed results on September 12, 2024, with varied performances across Chicago, Kansas City, and Minneapolis futures. Weekly export sales increased by 39.7% year-over-year. The USDA's WASDE report indicated stable US wheat balance but higher global stocks due to increased Canadian reserves. EU wheat production declined, while Ukrainian output rose, and Egypt bought 430,000 tonnes of Russian wheat. Corn futures rose despite drought concerns, with USDA raising yield projections. Soybean futures also increased, with stable yield forecasts but slightly reduced production. Global soybean stocks saw minor adjustments, with Argentina's production falling and Brazil's remaining stable. For the week ending September 5, soybean sales to China were 962,600 tonnes. On the CBOT, November and December delivery prices were: wheat at $212.56/tonne, corn at $159.84/tonne, soybeans at $371.38/tonne, and rice at $746.94/tonne.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The wheat market closed mixed on Thursday, September 12, 2024. Chicago Mercantile Exchange (CBOT) December soft winter wheat futures settled at $212.56 per ton, Kansas City Hard Winter Wheat Futures for December settled at $215.41 per ton, and Minneapolis Hard Spring Wheat Futures for December settled at $228.45 per ton. Wheat futures were mixed across the three major exchanges on Thursday, with winter wheat under pressure. Chicago December futures ended the day down ¾ cents. Kansas City futures were down 2 cents. Minneapolis Spring Wheat futures were up 5 ¼ cents at the close. Export sales data showed 474,875 tonnes of all wheat sales for the week ending September 5, up 39.7% from a year earlier and in the middle of forecasts of 300,000 to 550,000 tonnes. Taiwan was the largest buyer with 105,400 tonnes, with the Philippines buying 98,900 tonnes and South Korea 91,200 tonnes. The USDA’s monthly WASDE report showed no change in the US wheat balance, with the US carryover for ...
Source: Zol
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