USA: Futures for wheat, and corn rose on Tuesday, soybeans fell in price

Wheat

Soybean

Maize (Corn)

United States

Published May 25, 2023

Tridge summary

On Tuesday, May 23, 2023, July wheat futures on the Chicago Mercantile Exchange (CBOT) strengthened again. As a result of the trading day, July quotations of soft winter wheat CBOT in Chicago rose to $228.63 per ton, July futures of hard winter wheat KCBT in Kansas City - up to $309.19 per ton, July futures of hard spring wheat MGEX - up to $301.57.

Original content

Unfavorable weather in the USA provided support to grain prices. Weather models estimate rainfall in major US agricultural areas for the next two weeks at 20-60% of normal. The US Department of Agriculture notices that the state of winter crops in the country has slightly improved. The share of plants in good and excellent condition increased by 2 pp to 31%. However, the situation in Kansas, a key agricultural state, remains dire. The share of crops in poor and very poor condition increased by 1 pp to 69% over the week. US soybean futures edged lower on Tuesday amid profit taking after the contract posted its biggest single-day gain in months during the previous trading session. The USDA has confirmed private sales of 225,000 tons of US soybean meal to the Philippines for shipment in the current 2022/23 season. Wheat strengthened by 2.64%, corn by 1.14%. The benchmark corn contract posted its biggest rally in nine months in the previous session. July futures for soft red winter ...

Source: Zol