World grain market: Wheat, corn, and soybeans rose in price on Friday

Published Apr 23, 2024

Tridge summary

On April 19, 2024, US wheat futures saw a notable increase across different types due to concerns over Israeli missile strikes on Iran and the potential impact on Middle Eastern oil supplies, as well as fears of supply disruptions from Russia, the leading wheat exporter. This geopolitical tension led to hikes in wheat prices, with soybean and corn prices also rising, despite being near their lowest levels since 2020 because of ample global supplies. The article discusses the influence of high oil prices on ethanol, large agricultural supplies, and specific market movements in soybeans and corn, including sales to undisclosed destinations and Mexico, and the progress of harvests in South America.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Friday, April 19, 2024, US wheat futures rose. At the end of the trading day, May quotations of soft winter wheat SRW on the Chicago Mercantile Exchange CBOT rose to $202.18 per ton, May futures of hard winter wheat KCBT in Kansas City - to $213.66 per ton, May futures of hard spring wheat MGEX in Minneapolis p. - up to $237.73 per ton. Chicago wheat futures rose more than 2% on Friday as reports of Israeli missile strikes on Iran fueled fears of an escalating conflict in the Middle East. Soybean and corn prices also rose, albeit to a lesser extent, but all three contracts hovered near their lowest levels since 2020 amid ample supply. The Chicago Board of Trade (CBOT) May SRW wheat contract rose 13-1/2 cents to $5.50-1/4 a bushel, and CBOT May soybeans rose 16-1/4 cents to $11.50-1/. 2 per bushel, and May corn rose 6-3/4 cents to $4.33-1/2 per bushel. Oil prices pared gains after rising more than 4% amid concerns that oil supplies to the Middle East could be disrupted. Traders ...
Source: Oilworld
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