News

USA: Wheat rose in price, corn and soybeans fell in price on Wednesday

Wheat
Published Mar 28, 2024

Tridge summary

On March 27, 2024, the commodity markets showed mixed results, with US dollar futures seeing a slight increase and wheat futures rising across various exchanges including the Chicago Mercantile Exchange, Kansas City Board of Trade, and Minneapolis Grain Exchange. In contrast, corn and soybean futures on the CBOT fell as traders anticipated the USDA's reports on grain inventory and planting outlook, expecting shifts in planting areas and crop stocks. Global influences such as Brazil's soybean crop estimates and Russia's wheat exports also played a role in shaping market dynamics, alongside the performance of other commodities like rice, rapeseed, and milling wheat on different exchanges, underscoring the interconnected nature of global agricultural markets.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

On Wednesday, March 27, 2024, US dollar futures rose slightly. At the end of the trading day, May quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $201.17 per ton, May futures of hard winter wheat KCBT in Kansas City - to $212.47 per ton, May futures of hard spring wheat MGEX in Minneapolis - to $239.20 per ton. Chicago Board of Trade (CBOT) corn and soybean futures fell Wednesday as traders adjusted positions ahead of the U.S. Department of Agriculture's (USDA) quarterly grain inventory and planting outlook reports due Thursday. Traders are focused on U.S. planting plans after farmers harvested a record corn harvest last year, sending corn, wheat and soybean futures to three-year lows in 2024. Market analysts predict that the area planted under corn and wheat in the United States will decrease, and under soybeans will increase, and stocks of all three crops as of March 1 will be higher than a year ago. Market activity on Wednesday was driven by ...
Source: Zol

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