World grain market: Soybeans and corn rose in price on Monday, wheat fell again

Published Aug 29, 2023

Tridge summary

On August 28, 2023, wheat futures on the Chicago Mercantile Exchange fell due to weak export demand for US wheat, as well as competition from cheap Russian supplies. However, soybean and corn prices rose after a survey predicted a decline in their production due to hot and dry conditions in the US Midwest. The decline in wheat prices may stimulate export activity, but the US is struggling to attract buyers due to high global supplies.

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

Original content

On Monday, August 28, 2023, Chicago Mercantile Exchange (CBOT) wheat futures fell due to weak export demand for US wheat. As a result of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $226.70 per ton, December futures of hard winter wheat KCBT in Kansas City - to $275.48 per ton, December futures of hard spring wheat MGEX - to $290, 82 per ton. Prices for soybeans and corn rose in Chicago on Monday after a survey of farmers in the US predicted a decline in production of these crops compared to government forecasts due to hot and dry conditions in the US Midwest. However, the growth in corn futures was limited by weak export demand. Wheat fell due to weak demand for the US crop, as well as competition from cheap Russian supplies. November soybeans on the Chicago Mercantile Exchange rose 18 cents to $14.05-3/4 a bushel. CBOT December corn added 8-1/4 cents to $4.96-1/4 a bushel, while CBOT December wheat futures edged down ...

Source: Zol