The recovery of the global markets supported wheat in the United States
Despite the bearish factors that impact now on America's own domestic wheat market, the quotations of soft wheat in Chicago continued to rise.
on Tuesday, a significant price dynamics in all three grain markets was triggered by the rapid growth of markets for corn and soybeans that were heated up on the news about a powerful precipitation in the Northern production regions of Argentina, Uruguay and southern Brazil. Experts fear that a significant amount of rain at this time of year can damage the future harvest of grains and oilseeds. In particular in Argentina, possible loss of soybean crop estimated at 2-10 million tons.
the weakening of the dollar also supported wheat the U.S. market.
May quotes of the American wheat grew:
- in Chicago for 4,96 $/tonne to 178,66 $/tones of soft wheat SRW,
- in Kansas city to 4.41 $/tonne to 175,17 $/tone for hard wheat HRW,
- in Minneapolis by 3.58 $/tonne to 197,49 $/tones hard wheat HRS.