US wheat returns to $6/bu

Published Apr 24, 2024

Tridge summary

Wheat prices in Chicago have surged to $6/bu, driven by concerns about the upcoming harvest due to declining US winter wheat ratings and adverse weather conditions in Europe and Russia. The dollar's weakness is also playing a role in increasing prices for corn and soybeans, despite favorable sowing progress in Atlantic sites. As a result, July 2024 SRW wheat, corn futures, and soybeans for the same period have all seen price increases.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices continued their bullish rally in Chicago this Tuesday evening to return to the symbolic threshold of $6/bu. Fears about the upcoming harvest continue to grow, including a five-point cut in US winter wheat ratings from "good to excellent" in the latest weekly USDA Crop Progress, to 50%. . The fall in temperatures in Europe and the lack of rain in Russia also contribute to the current firmness of prices. A weakening of the Dollar Index (favorable to the competitiveness of American origins) and the jump in wheat prices are also helping to increase corn and soybean prices, despite the good progress of sowing sites ...
Source: TerreNet
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