World grain market: wheat, corn and soybeans fell on Friday

Published Oct 21, 2024

Tridge summary

Wheat futures dropped on October 18, 2024, across major U.S. exchanges due to improved weather in Russia and potential competition from Russian wheat sales, affecting Chicago, Kansas City, and Minneapolis markets. U.S. wheat export sales hit a seven-week high, with Mexico and the Philippines as key buyers. Corn and soybean futures also declined, influenced by ongoing harvests and better weather in South America. The French wheat market saw a decrease, with December milling wheat prices on the Paris MATIF exchange falling. The USDA reported significant export sales for corn and soybeans, with major buyers remaining undisclosed.

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

Original content

On Friday, October 18, 2024, the wheat market was lower. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT fell to $210.45 per ton, December hard winter wheat futures in Kansas City - to $213.39 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $226.52 per ton. The wheat complex fell on Friday on all three exchanges. December SRW futures in Chicago closed at $5.72-3/4, down 16 ¾ cents. HRW futures in Kansas City closed at $5.80-3/4, down 15 ¼ cents. Minneapolis spring wheat settled at $6.16-1/2, down 1/4 cent. Wheat futures in the U.S. and Europe fell on Friday as rainfall in Russia’s winter wheat growing regions eased fears of crop failure due to soil drought. The wheat complex also suffered a sharp selloff on reports that Russia is seeking to sell wheat directly to “sovereign buyers,” which could curb U.S. export sales to some key countries. The export sales report showed a seven-week high of 504,112 mt of ...

Source: Oilworld