News

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

Wheat
Published Mar 29, 2024

Tridge summary

On Wednesday, March 27, 2024, the US dollar futures experienced a slight uptick, amidst mixed outcomes in the agricultural commodities market on the Chicago Mercantile Exchange. Wheat futures saw an increase across various types, while corn and soybean futures dropped on the Chicago Board of Trade, ahead of the USDA's reports on quarterly grain inventory and planting outlook. Market analysts predict a shift in the US planting area, with decreases for corn and wheat and an increase for soybeans, alongside higher crop stocks than the previous year. Additionally, the global market is influenced by a high Brazilian soybean crop estimate and substantial Russian wheat exports, with the Paris MATIF exchange also reporting declines in milling wheat and corn futures.
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: Oilworld

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