News

USA: The price of wheat shot up by almost 4 percent

Wheat
Published Feb 22, 2024

Tridge summary

Crop prices experienced a rise on Tuesday, with wheat seeing the highest increase at 3.8%, followed by canola at 1.8%, corn at 0.6%, and soybeans at 0.5%. This surge is linked to the weakening dollar and the upcoming spring growing season, which led to the closing of short positions in the Northern Hemisphere. Despite the current abundance of global grain supplies and low demand for U.S. inventories, focus is shifting towards the U.S. growth period and potential weather risks, especially in the context of increasing political tension. The USDA has also confirmed private sales of new-crop US corn to Japan and old-crop US soybean meal to the Philippines.
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

You could see prices rising to the right on Tuesday's trading day on the crop markets. In Chicago, wheat went up by 3.8 percent, corn by 0.6 percent, soybeans by 0.5 percent, and canola by 1.8 percent less than on Friday. Overseas markets were closed on Monday. In Europe, the course of mill wheat, corn and fodder wheat also closed in surplus, but rapeseed became cheaper. Chicago wheat futures rose nearly 4% on Tuesday, rebounding from intraday lows as the dollar weakened and the approach of the spring growing season triggered the closing of short positions in the Northern Hemisphere speculating on lower prices, sparking a rally. The price of corn and soybeans also rose, and the exchange rates returned from close to the lows of several years. Abundant global grain supplies and weak demand for U.S. inventories pressured corn, wheat and soybean futures for months, prompting speculators to build large net short positions in all three markets. But attention is beginning to shift to the ...
Source: AgroForum
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