News

US wheat rebounds by 1%

Wheat
Published Mar 5, 2024

Tridge summary

Cereal prices in Chicago have started to recover due to technical factors, although the market remains heavily influenced by the competitiveness of Black Sea wheat and the decline of Russian origins. The Algerian tender for milling wheat for June loading is a key event to watch this week. Meanwhile, recent rainfall in South America and updated supply forecasts have eased market concerns over the production of Brazilian and Argentinian corn and soybeans. Inspections of wheat, corn, and soybeans at US ports last week were in line with market expectations.
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

Cereal prices began a rapid rebound Monday evening in Chicago. The movement was, however, based mainly on technical considerations, in a market still significantly weighed down by the strong international competitiveness of Black Sea wheat and the decline of Russian origins. The Algerian call for tenders for milling wheat for June loading will be particularly observed this week in this context. Recent rains in South America and forecasts of additional supplies also reassure the market regarding Brazilian and Argentinian corn and soybean production potential. Weekly inspections of wheat (353kt), corn (1.1Mt) and soybeans (1Mt) at US ports still came in within market ...
Source: TerreNet
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