US: Soybeans and wheat rose in Chicago amid rising oil prices

Published Apr 4, 2023

Tridge summary

On April 3, 2023, the Chicago Mercantile Exchange (CBOT) reported mixed results for agricultural futures, with may wheat futures closing positively due to rising energy commodities. Despite this, hard winter and hard spring wheat futures fell. Soybean and wheat futures in Chicago closed higher, driven by a rally in energy markets and US crop concerns, while corn futures fell due to dry forecasts for the Central US Corn Belt. OPEC+'s decision to cut production also impacted oil prices and crop markets. The French grain market experienced a decline, with milling wheat quotations falling by 1.03% to $279.18 per ton.

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

Original content

On Monday, April 03, 2023, May wheat futures on the Chicago Mercantile Exchange CBOT closed in positive territory amid rising energy commodities. As a result of the trading day, CBOT May soft winter wheat in Chicago rose to $254.81 per ton, KCBT May hard winter wheat futures in Kansas City fell to $321.59 per ton, MGEX May hard spring wheat futures - to $327.66. Futures for soybeans and wheat in Chicago closed higher on Monday, helped by a rally in energy markets and concerns about the state of the crop in the US. Corn futures closed lower as weather forecasts indicated a lack of rain, which would have been favorable for planting. Oil prices jumped after OPEC+'s surprise statement on Sunday to cut production, pushing up prices for some crops that are also used to make biofuels. Soybeans remained in positive territory after the US Department of Agriculture (USDA) on Friday forecast soybean plantings in 2023 near the lower end of analyst estimates and said soybean stocks were down ...

Source: Zol