World grain market: Prices for wheat, corn, and soybeans fell sharply Friday

Published Jul 29, 2024

Tridge summary

On Friday, July 26, 2024, wheat markets saw a significant decline due to forecasts of a high spring wheat harvest in the US and low prices from Black Sea exporters. Soybean and corn prices also fell owing to favorable weather forecasts in the US agricultural belt. North Dakota is expected to have record high wheat yields, and Argentina's wheat crops are in good condition. Russia's wheat harvest forecast was revised upwards, and Ukraine's grain exports increased. Taiwan purchased a substantial amount of US wheat, while canola futures dropped due to improved weather. In France, wheat crop conditions continue to deteriorate, with milling wheat and corn prices falling on the Parisian MATIF exchange.

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

Original content

On Friday, July 26, 2024, the wheat market fell sharply. At the end of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $192.35 per ton, September futures of hard winter wheat KCBT in Kansas City - to $201.54 per ton, September futures of hard spring wheat MGEX in Minneapolis - to $216.23 per ton. The wheat complex was in near free fall on Friday heading into the weekend, with losses on three exchanges. Chicago September SRW futures fell 14-1/4 cents. HRW's September Kansas City contract fell 16 cents, hitting new multi-year lows. Minneapolis spring wheat fell 15-1/4 cents. Wheat futures crashed on Friday, with all three wheat categories closing with double-digit losses. Wheat prices fell following forecasts for a high spring wheat harvest in the US and low prices offered by exporters from the Black Sea countries. Chicago soybean and corn prices also fell Friday as rainfall forecasts across the U.S. agricultural belt eased ...

Source: Zol