News

Wheat rallies onwards as Russian weather worries build

Published May 24, 2024

Tridge summary

Chicago wheat futures reached a 10-month high due to concerns about Russia's harvest, with adverse weather in other major wheat producers also causing supply worries. Corn and soybean futures also rose, although the advancement of U.S. planting and large global supplies limited the gains. The most-active wheat contract on the Chicago Board of Trade was up 1.9% at $7.11 a bushel, and September wheat on Euronext reached a high of 264.50 euros per metric ton. Concerns were heightened by a reduced harvest forecast for Russia and weather challenges in other countries like Ukraine, Australia, and Brazil.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago wheat futures climbed for a third session on Wednesday to a new 10-month peak as concern grew about deteriorating harvest prospects in top exporter Russia. Adverse weather in other major wheat producers from Ukraine to Australia was also keeping the focus firmly on supply risks, analysts said. Corn and soybean futures rose with support from wheat, though advancing U.S. planting and large global supplies were curbing gains. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1.9% at $7.11 a bushel by 1057 GMT. It earlier reached $7.16-3/4, its highest since July 28 last year. On Euronext, the most active contract, September wheat BL2U4 was rose as high as 264.50 euros ($286.61) per metric ton, a level not seen since February last year, as the opening of a chart gap added technical impetus. “We’re in a very intense weather market,” Maxence Devillers, analyst with Argus Media said of wheat. “Everyone is fixated with Russia with good reason, but ...
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