News

US wheat falls 3% in Chicago

Wheat
Published Mar 3, 2024

Tridge summary

Wheat prices in Chicago have dropped by over 3% due to high stocks in Russia, the prospect of a large 2024 harvest, and competitive export prices in the Black Sea region. Corn prices also faced pressure due to favorable weather conditions in South America. However, despite competition from Brazil, soybeans ended the week on a positive note. The closing prices were $5.58/bu for SRW wheat, $4.25/bu for corn, and $11.51/bu for soybeans for May 2024 delivery.
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

Wheat prices fell by more than 3% this Friday evening in Chicago, under the weight of international supplies. High stocks in Russia, the prospect of a still abundant 2024 harvest, and increasingly competitive export prices in the Black Sea continue to push international prices downward. Corn, for its part, was put under pressure by the still favorable weather conditions in South America. The Buenos Aires Stock Exchange also raised its “good to excellent” corn ratings by two points in its latest weekly bulletin to 30%, but reduced its soybean ratings by one point (30%). Soybeans also benefited from technical elements to end the week in the green, but with gains still limited by ...
Source: TerreNet
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