Chicago – Wheat Rises, Demand Optimism

The price of the main wheat contract listed in Chicago rebounded Monday after the announcement of an overseas sale of the grain. Soybeans also rose, while corn fell.

On its site listing the main daily orders placed from abroad, the United States Department of Agriculture (USDA) indicated that 130,000 tonnes of soft red winter wheat had been purchased and would be delivered to unknown destinations during the campaign. In progress. “This supports Chicago soft winter wheat contracts at the expense of Kansas City winter hard wheat contracts,” observes Brian Hoops of Midwest Market Solutions. Meanwhile, wheat volumes inspected at US ports and ready for export are up sharply from last week, according to weekly USDA figures. This suggests an upsurge in demand for the American cereal, which has benefited from these data. Soybeans also rebounded after falling on Thursday before the Easter long weekend. On the other hand, corn once again ended in decline, particularly penalized by the acceleration in the pace of harvests in Argentina.

Market players will take note in the afternoon of the first report of the year on the quality of seedlings and the progress of harvests in the United States. “Brokers will take a keen interest in planting conditions for winter wheat, particularly hard winter wheat from Nebraska, Kansas, Oklahoma and Texas,” says Hoops.

The most traded bushel of wheat (about 27 kg) for delivery in May ended at $ 6.1800 from $ 6.1100 on Thursday, up 1.15%. A bushel of corn (about 25 kg) for delivery in May ended at $ 5.5325 from $ 5.5975 at the last close, down 1.16%. A bushel of soybeans (about 27 kg) for delivery in May ended at $ 14.1275 from $ 14.0200 on Thursday, rising 0.77%.

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