Wheat soared in Chicago and hit its highest level in several months

Wheat soared in Chicago and hit its highest level in several months

He wheat it shot itself more than 3% in Chicago this Monday, until quoted at its point highest in several monthsafter the Department of Agriculture of The United States confirmed the largest private sale to China this year.

Corn closed slightly lower, after rising at the beginning of the day due to a favorable export inspection report from the US Government, while soybeans fell.

The contract of most active wheat on the Chicago Stock Exchange rose 3.2%, to $218.91, its highest price since August 29.

Wheat strengthened after the United States Department of Agriculture (USDA) confirmed private sales of 440,000 metric tons of US SRW wheat to China for delivery in the 2023/24 season.

“I think the fact that China is coming in for American soft red wheat and not sourcing it from the Black Sea suggests that we are finally starting to see some stable prices.”said Mike Zuzolo, president of Global Commodity Analytics.

January soybeans fell more than 1.4%, to $480.34, as analysts continued to monitor weather conditions in drought-stricken Brazil, where forecast rain is helping to ease concerns about crop losses.

“We will know a lot more between now and mid-December, which is the decisive moment for South American production in terms of potential irreversible losses,” Zuzolo said.

Corn fell 0.8% to $181.39, after trading higher following a weekly USDA export inspections report, which showed more than 1.2 million tons of corn were inspected for export, well above from the expected range of 350,000-900,000 tons. Wheat and soybeans were below inspection expectations, according to the report.

Source: Ambito

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