World grain market: on Friday, prices for wheat in the US and Europe, corn and soybeans rose

Published Sep 2, 2024

Tridge summary

Wheat contracts in the U.S. and Europe have been rising for four consecutive days due to concerns about a smaller European crop and poorer quality. The Sovecon Analytical Center has revised the Russian wheat harvest forecast down by 0.8 million tons, and the European Commission has lowered its forecast for soft wheat production in the EU. The German Ministry of Agriculture has reported a decrease in the wheat harvest due to bad weather. Soybeans and corn futures have also seen increases.

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

Original content

On Friday, August 30, 2024, U.S. and European wheat contracts rose for the fourth straight day as concerns about a smaller European crop and poorer quality continued to push prices higher. December wheat futures ended higher on Friday. Chicago CBOT December wheat futures rose 2¾¢. Kansas City wheat rose 4¾¢. Minneapolis wheat rose 10¢. All three contracts also ended the week higher. Chicago wheat rose on Friday, posting its biggest weekly gain in three months. The wheat market, up more than four percent this week, posted its biggest weekly gain since mid-May. Soybeans are up nearly three percent this week, the biggest weekly gain in four months, and corn posted its first weekly gain in five weeks. The Sovecon Analytical Center has lowered its forecast for the Russian wheat harvest by 0.8 million tons to 82.5 million tons. The forecast has been revised downwards due to a decrease in yields in the Central and Volga regions of the Russian Federation, which turned out to be lower than ...

Source: Oilworld