The rockets were fired: the price of wheat also shot up globally

Published Apr 23, 2024

Tridge summary

Recent trading in the crop markets has seen notable price surges due to a Russian attack on Odessa, weather concerns across the US, Europe, and Russia, and various global agricultural challenges. In Chicago, essential crops like wheat, corn, soybeans, and canola experienced price hikes, a trend mirrored in European markets. The U.S. saw an increase in corn exports, primarily to Mexico, despite a drop in soybean and wheat exports. Contributing factors to these price increases include drought conditions in the U.S. Central Plains and parts of Brazil, alongside Argentina's crop issues and the ongoing harvest in Brazil, affecting the production of wheat, corn, and soybeans.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Weekly trading on the crop markets began with spectacular price increases overseas and in Europe as well. In Chicago, wheat was up 4 percent, corn 1.6 percent, soybeans 1 percent, and canola 0.2 percent more than the previous day. In Europe, all four priority agricultural products, mill wheat, corn, canola and fodder wheat, also closed in profit. Grain traders responded to the weekend Russian attack on the Ukrainian port city of Odessa, which damaged port infrastructure. This mostly applied to wheat. "Wheat has a strong start to the week as Russia-Ukraine war risk continues," said RCM Alternatives analyst Doug Bergman. Wheat gained further momentum later in the trading day due to weather concerns in the US, Europe and Russia. U.S. corn exports increased in the week ended April 18, according to the latest weekly report released by the U.S. Department of Agriculture (USDA) on Monday. Corn exports totaled 1.62 million tons for the week, compared with 1.35 million tons reported the ...
Source: AgroForum
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