World grain market: Corn, soybeans, and wheat in Chicago ended Friday with a decline

Published 2024년 6월 3일

Tridge summary

On May 31, 2024, US wheat futures fell, with declines in July quotations for soft winter wheat SRW, hard winter wheat KCBT, and durum spring wheat MGEX. This drop also pressured corn and soybean prices, influenced by falling soybean oil and crude oil prices. The US winter wheat harvest has started, which may impact future prices. The USDA reported significant corn and soybean export sales, particularly to Mexico. In France, winter wheat crop conditions worsened, but prices for milling wheat and corn rose. The article also detailed exchange rates and commodity prices for various grains and oils.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Friday, May 31, 2024, US wheat futures fell again. At the end of the trading day, July quotations of soft winter wheat SRW on the Chicago Mercantile Exchange CBOT fell to $249.30 per ton, July futures of hard winter wheat KCBT in Kansas City dipped slightly to $260.42 per ton, July futures of durum spring wheat MGEX in Minneapolis decreased to $271.81 per ton. The wheat market closed lower on Friday. The fall in wheat put pressure on corn. The sharp decline in soybean oil prices has put pressure on soybeans. The decline in crude oil prices was negative for most of the commodity market. The winter wheat harvest has begun in the US, which will affect CBOT prices in the coming days. Some traders believe U.S. wheat production is undervalued, which could weigh on futures as the harvest progresses. “Grain export sales were nothing special. Corn export sales were the best, and there was talk that business with Mexico would grow even more as that country faces worsening drought. The ...

Source: Zol