World grain market: wheat sharply rises in price, corn and soybeans also rise on Monday

Published Sep 24, 2024

Tridge summary

The wheat market saw a significant increase on September 23, 2024, with futures prices rising across exchanges due to concerns over dry planting conditions in key wheat-producing areas like Russia, Ukraine, and western Australia. This situation led to higher spot prices for Russian wheat and expectations of lower exports, contributing to the market uptick. In the U.S., the Crop Progress report showed a slight progress in wheat and corn planting, with corn harvest progressing faster than the average. Additionally, there was an increase in U.S. soybean planting, despite a decrease in planting rates compared to last year. Furthermore, the European grain association Corceal reduced its forecast for European wheat and corn production, which also influenced the market. The French wheat market also experienced a rise, with milling wheat quotes reaching €220.25 per ton and corn quotes reaching €206.00 per ton.

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

Original content

The wheat market was sharply higher on Monday, September 23, 2024. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $214.03 per ton, December hard winter wheat futures in Kansas City - to $212.10 per ton, December hard spring wheat futures in Minneapolis MGEХ - to $227.44 per ton. On Monday, the wheat complex rose sharply on all three exchanges. December SRW futures in Chicago showed double-digit gains, up 14 cents. HRW futures in Kansas City rose 13 ½ cents. Spring wheat in Minneapolis rose 11 cents. Wheat was higher on dry planting conditions in Russia and Ukraine and western Australia, rising spot prices for Russian wheat for November-December delivery, and forecasts for lower Russian exports after August-September records. The NASS crop progress report showed 25% of U.S. winter wheat acreage planted as of Sept. 22, up 1% from the normal 24%. Emergence was 4%, 1 percentage point below the 5-year average. Spring ...

Source: Oilworld