News

United States: Wheat rose in price in Chicago, soybeans and corn fell in price on Monday

Wheat
Published Mar 19, 2024

Tridge summary

On March 18, 2024, US wheat futures saw a significant increase due to escalating tensions in the Black Sea region, with all May quotations for soft winter wheat, hard winter wheat, and hard spring wheat rising. However, soybean futures dropped as Brazil's harvest led to increased sales by farmers. As traders shift their attention to the US planting season, they await USDA planting data and quarterly inventory reports. Drought conditions in Alberta, Canada, pose a threat to wheat and beef production, while Ukraine's corn sown area is expected to decrease in 2024. The French grain market also experienced a rise.
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 Monday, March 18, 2024, US wheat futures rose sharply amid rising tensions in the Black Sea. At the end of the trading day, May quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $199.42 per ton, May futures of hard winter wheat KCBT in Kansas City - to $210.81 per ton, May futures of hard spring wheat MGEX in Minneapolis - to $239.11 per ton. US wheat futures rose 2.7% on Monday amid rising tensions in the Black Sea. And covering short positions added momentum. Commodity funds hold large net short positions in Chicago Board of Trade (CBOT) wheat, corn and soybean futures, making the market prone to short-covering rallies. Soybean futures fell as Brazil harvested, boosting farmers' sales of the oilseed. CBOT corn futures closed moderately lower after a choppy session. May CBOT wheat rose 14-1/4 cents to $5.42-3/4 a bushel. May soybeans fell 10-1/2 cents to $11.87-3/4 a bushel and May corn fell 3/4 cent to $4.36 a bushel. Soybean futures retreated ...
Source: Zol

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