US wheat falls 2%

Published Apr 18, 2024

Tridge summary

Wheat prices in Chicago saw a notable decline on Wednesday, driven by stiff competition from the Black Sea region and weather-related concerns in the U.S. Midwest, including potential dryness in Kansas and adverse conditions in Russia. Despite these issues, the climate in the Corn Belt remains favorable for the rapid planting of corn and soybeans. Meanwhile, the ethanol industry is under strain due to falling crude prices and a significant drop in U.S. ethanol production, reaching its lowest point in three months. The article also details specific price movements for SRW wheat, corn, and soybeans futures in the Chicago market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices fell rapidly this Wednesday evening in Chicago, in a world market still facing stiff competition from Black Sea origins. However, weather maps in the Midwest remain closely scrutinized, and if rain is anticipated in Oklahoma and Texas, Kansas risks remaining dry for the next seven days. A rise in temperatures and a lack of rain in Russia are also worrying the market. Climatic conditions in the Corn Belt, however, remain favorable for rapid progress in corn and soybean plantings. The ethanol sector was also weighed down by the drop in crude prices, after an unexpected jump in American stocks last week. Ethanol production in the United States also fell by 73,000 barrels per day during the period, to 983,000 ...
Source: TerreNet
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