World grain market: Wheat prices jumped on Friday, corn and soybeans also rose

Published Nov 18, 2024

Tridge summary

The wheat market experienced a rebound on November 15, 2024, reversing a week's worth of losses, with futures prices increasing across major exchanges. The U.S. dollar's growth halted, contributing to the rise in world wheat futures. The USDA's report on wheat exports showing a slight increase also supported the market. In addition, the market saw gains in corn and soybean futures. Notably, France's soft wheat crop planting is behind schedule, and China may remove or reduce tax breaks on exports, impacting the renewable fuel sector. Furthermore, Morocco, a key market for EU wheat, is expected to drive demand due to cheaper European grain exports following lower prices and a weaker euro.

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

Original content

The wheat market rallied on Friday, November 15, 2024, after a week of losses. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT jumped to $197.13 per ton, December hard winter wheat futures in Kansas City - to $198.41 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $210.26 per ton. The wheat complex showed gains on Friday after a week of losses and held above the August lows. December SRW futures in Chicago closed at $5.36-1/2, up 6 ¼ cents. HRW futures in Kansas City closed at $5.40, up 7 cents. Minneapolis spring wheat settled at $5.72-1/4, up 5 ¾ cents. World wheat futures rose Friday, November 15, amid broad support across all commodities late in the week, while the U.S. dollar paused its recent gains. The USDA’s weekly export sales report showed all wheat orders rose slightly to 380,056 tons for the week ended November 7. That was in the middle of a range of 250,000 to 550,000 tons estimates and up ...

Source: Oilworld