News

USA: Wheat down 8-9 cents, corn steady-up 1, and soy up 2-4 cents

Wheat
United States
Market & Price Trends
Maize (Corn)
Grains, Cereal & Legumes
Published Feb 9, 2024

Tridge summary

Trading expectations at the Chicago Board of Trade (CBOT) suggest a decrease in wheat futures due to strong export competition and a stronger dollar. Corn futures are predicted to remain steady or slightly increase, despite a surplus of U.S. corn supplies. Meanwhile, soybean futures are expected to rise following Brazil's crop supply agency's reduced forecast for the 2023/24 soybean crop. Traders are now awaiting the U.S. Department of Agriculture’s monthly supply/demand report for further direction.
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

WHEAT – Down 8 to 9 cents per bushel * Wheat futures head lower, pressured by strong export competition from suppliers in the Black Sea region and a stronger dollar, which tends to make U.S. grains less attractive globally. The benchmark CBOT March contract WH24 stayed inside of Wednesday’s trading range in early moves. * The USDA reported export sales of U.S. 2023/24 wheat in the week ended Feb. 1 at 378,400 metric tons, in line with trade expectations for 275,000 to 550,000 tons. EXP/WHE * Statistics Canada reported Canadian all-wheat stocks as of Dec. 31 at 20.681 million metric tons, near an average of analyst expectations for 20.7 million tons and down 10.3% from a year ago. * CBOT March soft red winter wheat WH24 last traded down 8-1/4 cents at $5.93-3/4 per bushel. K.C. March hard red winter wheat KWH24 was last down 7-1/2 cents at $6.10-3/4 a bushel and MGEX March spring wheat MWEH24 was last down 4-1/4 cents at $6.92. CORN – Steady to up 1 cent per bushel * Corn futures ...
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