Futures for soybeans and corn in the US rose on Tuesday; mixed for wheat

Published 2023년 6월 21일

Tridge summary

On June 20, 2023, the Chicago Mercantile Exchange (CBOT) witnessed a notable increase in the prices of July wheat futures, with soft winter wheat reaching $255.64 per ton, despite weak export demand affecting other wheat futures and stabilization in corn and soybean futures due to concerns over potential crop losses from hot and dry weather. The USDA's report on declining good-to-excellent ratings for corn and soybeans also contributed to the market dynamics. Internationally, Algeria's procurement of food wheat, primarily from Russia, and mixed wheat market trends in Europe were noted. Heavy rainfall in France and forecasts of more significant rain in northern Europe helped alleviate concerns about dry conditions, leading to slight decreases in European wheat and corn futures.

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

Original content

On Tuesday, June 20, 2023, July wheat futures on the Chicago Mercantile Exchange (CBOT) hit a high in more than two months. At the end of the trading day, July quotations of CBOT soft winter wheat in Chicago rose to $255.64 per ton, but low export demand for supplies from the United States reduced Kansas City July hard winter wheat KCBT futures to $307.17 per ton, and July spring wheat MGEX - up to $311.95 per ton. Futures for corn and soybeans in the US stabilized on Tuesday after a sharp increase in the market at the end of last week on fears that hot and dry weather will lead to crop shortages. The market continued to rely on the most recent forecasts, which remained unfavorable for key agrarian regions of the US Midwest, traders said. “The massive pattern change we expected later this month has not happened as temperatures remain above normal through June and into the key month of July,” Arlan Suderman, chief commodities economist at StoneX, wrote in a note. The wheat market ...

Source: Zol