Global wheat market: Weather concerns in major producing areas continue, wheat prices mostly rise

Published Apr 23, 2024

Tridge summary

Wheat futures have shown mixed results across various markets, with fluctuations in prices influenced by a range of factors including weather conditions, crop health, and international trade dynamics. In the US, the quality of winter wheat has slightly declined, and drought conditions are worsening in key producing areas. Internationally, Russian wheat production forecasts have been lowered due to dry weather, leading to increased prices, while Ukraine and India face their own challenges with exports and stock levels, respectively. Global wheat production for 2024/25 is slightly down but remains near historic highs, reflecting the complex interplay of domestic policies, climate conditions, and global market forces on the wheat trade.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Friday, Chicago Board of Trade (CBOT) July soft red winter wheat futures closed at $5.6675 per bushel, down 0.7% from a week ago. Kansas City Board of Trade (KCBT) July hard red winter wheat futures closed at $5.83 per bushel, up 4.9%; Minneapolis Grain Exchange (MGEX) July hard red spring wheat futures closed at $6.525 per bushel, up 1.5%. Euronext May wheat closed at 206.50 euros per ton, up 1.5%. Argentina Upper River wheat was quoted at $251 per ton, up 3.7%. ICE dollar index closed at 105.984 points, up 0.14% from a week ago. The quality rate of US winter wheat declined, but it is still at the highest level in the same period of four years As the US winter wheat crop enters a critical growth period, the crop condition and weather in the production area have become the focus of market attention. The weekly crop progress report released by the US Department of Agriculture on Monday showed that as of April 14, the quality rate of winter wheat was 55%, lower than 56% a week ...
Source: Foodmate
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