USA: Wheat, corn, and soybeans rose in price on Thursday

Published Jul 12, 2024

Tridge summary

The wheat market experienced a rise on July 11, 2024, with soft winter wheat and hard winter wheat futures increasing to $209.89 and $214.49 per ton respectively, while hard spring wheat futures fell to $227.35 per ton. This increase was due to investors covering short positions in anticipation of the U.S. Department of Agriculture's supply and demand report. The report showed lower than expected wheat export sales, with Thailand and Japan being the largest buyers. Additionally, Ukraine reported an increase in grain exports, including wheat, corn, and barley. The article also covers the rise in corn and soybean futures, with Colombia and Mexico being the largest buyers of corn and soybeans respectively. Furthermore, the French wheat market also saw an increase, with milling wheat quotes rising to €223.25 per ton.

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

Original content

On Thursday, July 11, 2024, the wheat market rose. At the end of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $209.89 per ton, September futures of hard winter wheat KCBT in Kansas City - to $214.49 per ton, September futures of hard spring wheat MGEX in Minneapolis fell to - $227.35 per ton. Chicago Board of Trade wheat, corn and soybean futures rose Thursday as investors covered short positions ahead of the U.S. Department of Agriculture's supply and demand report due Friday. The USDA reported that wheat export sales were below the range of trade expectations, with the USDA counting just 240,351 tons. This is below the expected range of 300,000 to 700,000 tonnes. Thailand was the largest buyer with 60,800 tons, while Japan purchased 58,400 tons of American wheat. Strategie Grains increased its EU production estimate by 0.5 million tonnes to 122.3 million tonnes. Japan bought 107,330 tonnes of wheat in its weekly ...

Source: Zol