World grain market: soybean prices rose in Chicago, United States on Thursday, wheat and corn prices fell

Published May 18, 2024

Tridge summary

US wheat futures saw a decline on May 16, 2024, with soft winter wheat, hard winter wheat, and hard spring wheat futures falling to different prices. The drop in wheat and corn futures was due to expectations of favorable planting conditions and disappointing US export figures. Conversely, soybean futures rose due to concerns about production losses in Brazil. The National Oilseed Processors Association reported a decrease in U.S. soybean crush volume in April. The Russian Ministry of Agriculture reported crop losses due to frost, and yields in southwest Kansas were forecast to be lower due to drought. The USDA reported lower than expected export sales of new-crop wheat and old-crop U.S. corn.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Thursday, May 16, 2024, US wheat futures fell again. At the end of the trading day, July quotations of soft winter wheat SRW on the Chicago Mercantile Exchange CBOT dropped to $243.70 per ton, July futures of hard winter wheat KCBT in Kansas City - to $247.37 per ton, July futures of hard spring wheat MGEX in Minneapolis decreased to $264.83 per ton. Wheat and corn futures fell on Thursday. Corn prices fell on expectations that drier weather would favor planting in the US Midwest, while disappointing US export figures put further pressure on corn and wheat. Soybean futures rose on Thursday, boosted by concerns about production losses in the Brazilian state of Rio Grande do Sul following widespread flooding in the state. U.S. weather forecasts for the next week predict heavy precipitation will hit areas of the eastern Corn Belt, including Iowa, Missouri and Illinois. With U.S. corn planting already delayed by excessive rainfall, analysts expect farmers will have the opportunity ...
Source: Oilworld
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