News

USA: Wheat futures closed higher on Friday along with corn and soybeans

Wheat
Published Apr 15, 2024

Tridge summary

On April 12, 2024, US wheat futures saw a notable increase, with May soft winter wheat on the Chicago Mercantile Exchange (CBOT) reaching $204.29 per ton and hard winter wheat on the Kansas City Board of Trade (KCBT) climbing to $216.69 per ton, although hard spring wheat on the Minneapolis Grain Exchange (MGEX) fell to $236.17 per ton. This rise in wheat futures was propelled by the strength in corn and soybean markets and was further supported by adverse weather conditions, including droughts in southern Russia and the US Southern Plains, along with wet conditions in Western Europe impacting French bread wheat. The article also includes closing quotes for various commodities on the Chicago Board of Trade and the Paris Exchange (MATIF) for May and June 2023, and exchange rates as of the reporting date.
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: Zol
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