US wheat rises due to lack of rain in Kansas

Published Apr 19, 2024

Tridge summary

American wheat prices, particularly for HRW varieties, experienced a rise on Thursday evening due to concerns over weather conditions in the Midwest, including a significant drought in Kansas, a key winter wheat producing state. This increase was influenced by similar unfavorable weather conditions in Russia and Europe, impacting global grain markets. However, the rise in wheat prices was moderated by the cancellation of old-crop American wheat sales to China, as per USDA reports. Despite these cancellations, weekly sales figures remained positive for wheat, corn, and soybeans, with a notable sale of soybean meal to the Philippines. The market saw mixed results with SRW wheat for July 2024 delivery increasing, while corn and soybeans for the same delivery period saw a decrease.
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

American wheat prices regained their height this Thursday evening, particularly HRW varieties, in a market increasingly concerned about weather conditions in the Midwest. A clear water deficit continues to widen in Kansas, the main winter wheat producing state in the country. The lack of rain in Russia and the rapid drop in temperatures in Europe are also attracting the attention of grain markets. The upward movement was, however, slowed by the cancellations of sales of old-crop American wheat to China recorded last week by the USDA. Weekly sales for the next campaign, however, reached 222 kt. Weekly sales of corn (501 kt) and soybeans (486 kt) were in line with agricultural market expectations. The USDA further confirmed the sale of 138kt ...
Source: TerreNet
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