USA: Futures for corn, soybeans and wheat continued to decline on Wednesday

Published Jun 29, 2023

Tridge summary

US wheat prices dropped due to favorable weather conditions and higher crop estimates in the Northern Hemisphere. This decline in wheat prices was also influenced by increased acreage estimates in Canada and improved rain forecasts in the Midwest, leading to lower corn and soybean futures. Meanwhile, there are ongoing discussions about extending the ban on Ukrainian grain imports in Slovakia, and Russia is expected to produce a significant amount of wheat in the upcoming season.

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

Original content

On Wednesday, June 28, 2023, US wheat prices declined due to favorable weather in the US and a higher winter wheat crop in the Northern Hemisphere. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $245.81 per ton, September futures of hard winter wheat KCBT in Kansas City - to $296.06 per ton, September futures of hard spring wheat MGEX - to $300, 65 per ton. Wheat also declined under pressure from an increase in the US winter wheat crop and a higher-than-expected acreage estimate in Canada. In Canada, farmers are planting 26.9 million acres of wheat by 2023, a government report released Wednesday said, the most in 22 years. This figure exceeded industry average expectations of 26.5 million acres. Canadian growers also planted more rapeseed than the industry had forecast. US corn futures fell more than 4% and soybeans more than 2% on Wednesday, under pressure from favorable rain forecasts in the Midwest, ...

Source: Zol