USA: With Russia as the main foundation, the price of wheat rose 5.8% on the Chicago Stock Exchange

Published May 21, 2024

Tridge summary

Wheat prices have surged in the international market due to increased profits and concerns over American winter crop yields. However, concerns about environmental conditions in Russia, a major wheat exporter, have led to reduced production forecasts, potentially impacting global supply. Russian wheat production is expected to reach 85.70 million tons, down from previous estimates, due to dry conditions and late frosts. This could result in wheat prices in Chicago exceeding $260 per ton, but the market's direction will largely depend on the weather in Russia and the European Union, as well as the reemergence of India as a wheat importer and the influence of investment funds.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After falling in the previous four wheels due to profit-taking by investors and the forecast of good yields for American winter crops, the value of wheat resumed the upward path and rose strongly today in the international market through hard times. environmental conditions that affect crops in Russia, the world's main exporter of fine grain. A combination of lack of humidity with late frosts led the main estimators to recalculate their figures in recent weeks and they went from projections that ranged from 93 to 95 million tons to a range that, under current conditions, gains consensus around of the 85 million tons. At the close of operations in the main American markets, the July wheat position added 5.8% in Chicago and 5.3% in Kansas, where its adjustment went from 239.27 to 253.05 and 243.13 at $255.99 per ton. Since the start of the cereal's bullish current, after the round of last April 17, this contract accumulated a gain of 24.7 and 22.5% in comparison with 202.90 and ...
Source: Agromeat
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