US wheat futures finish higher alongside corn and soy

United States
Market & Price Trends
Published Apr 15, 2024

Tridge summary

U.S. wheat futures ended higher on Friday, buoyed by gains in the corn and soy markets, with notable increases in CBOT May soft red winter wheat, K.C. May hard red winter wheat, and MGEX May spring wheat prices. Despite the upward movement, weak export demand for U.S. wheat capped the rallies. Underlying support came from concerns over dry conditions in southern Russia and the U.S. Plains, as well as close monitoring of U.S. crop conditions, wet weather in western Europe, and geopolitical tensions affecting Black Sea trade. Additionally, the condition of France's soft wheat has deteriorated, reaching its worst state in four years, adding to the complex global wheat market dynamics.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

U.S. wheat futures closed firmer on Friday amid spillover support from gains in the corn and soy markets, analysts said. CBOT May soft red winter wheat WK24 settled 4-1/4 cents stronger at $5.56 bushel, down 2% for the week. K.C. May hard red winter wheat KWK24 settled 6-1/2 cents higher at $5.89-3/4 per bushel, up 1.3% for the week. MGEX May spring wheat MWEK24 last traded up 5-3/4 cents at $6.42-3/4 a bushel, down 0.8% for the week. Weak export demand for U.S. supplies capped rallies while futures found underlying support from dryness in southern Russia and parts of the southern U.S. Plains, analysts said. On Monday, traders will review weekly U.S. crop condition ratings for winter wheat, after concerns about dryness in parts of Kansas helped underpin K.C. futures this week. Traders also were monitoring wet conditions in western Europe and fears that ...
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