Tridge summary
Chicago wheat prices have increased for the first time in three sessions, reaching a 17-month high, due to a drought impacting U.S. production. Soybean prices remained stable, influenced by a drought in Argentina. The U.S. Department of Agriculture reported a decrease in the condition of winter wheat in Kansas. Meanwhile, the extension of the Black Sea grain corridor agreement and a fall in Russian wheat prices may limit wheat gains. Australia has updated its wheat harvest estimate for the 2022/23 season to a record 39.2 million tonnes. However, Brazil's soybean market has seen slower crop sales compared to previous years and averages. The USDA also announced the sale of a portion of U.S. corn to Japan and unspecified other countries, though the volume was less than expected due to rumors of China's corn purchase interests.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Chicago wheat prices rose for the first time in three sessions as the market recovered from a 17-month low on support from a drought that is limiting U.S. output potential. Soybean prices were mostly flat, helped by a drought that reduced production in Argentina. On the Chicago Mercantile Exchange, wheat rose 0.4 percent to $6.97-3/4 per bushel after sliding to its weakest since September 2021. Soybean prices were unchanged at $15.29 per bushel and corn prices rose 0.2 percent to $6.38 per bushel. The U.S. Department of Agriculture's National Agricultural Statistics Service (USDA) in a weekly crop report rated 17% of winter wheat at top producer Kansas in good to excellent condition, down from good to excellent. 19% a week earlier. Wheat gains were limited by expectations that the Black Sea grain corridor agreement would be extended. Russian wheat prices fell last week and the Turkish foreign minister said Ankara was working to renew a safe transport agreement allowing ...
Source: Vinanet
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