News

Global grain market: wheat futures closed higher on Friday along with corn and soybeans

Wheat
France
Published Apr 16, 2024

Tridge summary

On April 12, 2024, US wheat futures experienced mixed results, with May futures for soft winter wheat on the Chicago Mercantile Exchange and hard winter wheat on the Kansas City Board of Trade seeing an increase, while May futures for hard spring wheat on the Minneapolis Grain Exchange declined. The rise in wheat futures was buoyed by the corn and soybean markets, despite a lack of strong US export demand, and was further influenced by drought conditions in southern Russia and the US Southern Plains. Additionally, the condition of bread wheat in France deteriorated for the second consecutive week, reaching its worst state in four years, as reported by FranceAgriMer. The article also touched upon exchange rates and the performance of the French grain market on the Paris MATIF exchange.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Friday, April 12, 2024, US wheat futures closed higher. At the end of the trading day, May quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $204.29 per ton, May futures of hard winter wheat KCBT in Kansas City - to $216.69 per ton, but May futures of hard spring wheat MGEX in Minneapolis sank to $236.17 per ton. US wheat futures closed higher on Friday amid additional support from corn and soybean markets. May CBOT soft red winter wheat prices rose 4-1/4 cents to $5.56 a bushel, down 2% for the week. May KCBT hard red winter wheat prices rose 6-1/2 cents to $5.89-3/4 a bushel, up 1.3% for the week. MGEX May spring wheat rose 5-3/4 cents to $6.42-3/4 a bushel, down 0.8% for the week. Weak US export demand limited gains, but futures found support from drought in southern Russia and parts of the US Southern Plains. Traders will look to weekly ratings on the status of the U.S. winter wheat crop on Monday after concerns about drought in parts of Kansas ...
Source: Oilworld
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