US wheat rises in the face of lack of rain

United States
Sustainability & Environmental Impact
Market & Price Trends
Published Apr 17, 2024

Tridge summary

In the American stock exchanges this Tuesday, wheat prices displayed mixed trends, influenced by the worsening growing conditions in the Midwest due to a lack of rainfall. Specifically, Soft Red Winter (SRW) wheat prices saw a decline, while Hard Red Winter (HRW) wheat prices experienced an increase. This shift comes in the wake of the USDA's report highlighting a decrease in the 'good to excellent' ratings for winter wheat. Meanwhile, the progress in corn and soybean plantings remains strong, despite a slight decrease in corn futures for May 2024 and a significant drop in soybean futures for the same period.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices moved in mixed order this Tuesday evening on the American stock exchanges, with a decline in SRW wheat but an increase in HRW wheat. Growing conditions in the Midwest are indeed deteriorating due to lack of sufficient rain, and weather maps do not predict any notable improvements in the short term. The USDA also lowered its “good to excellent” winter wheat ratings by one point in its latest weekly Crop Progress, to 55% (27% last year). However, corn and soybean plantings are starting at a good pace, with 6% and 3% of projects completed as of April 14, respectively (5% and 1% on average over ...
Source: TerreNet
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