Source: APKinform (Ukraine)
On March 17, wheat prices at the CBOT exchange experienced an upward trend, hitting their highest levels since the end of February. Specifically, futures for soft red winter wheat (WK25) increased by 11 cents to reach $5.68 per bushel. Meanwhile, hard red winter wheat (KWK25) futures climbed by 19 cents to settle at $6.05 per bushel, and prices for Minneapolis spring wheat (MWEK25) rose by 13 cents to $6.15 per bushel.
The primary driver of this price surge was the anxiety among traders regarding potential harm to U.S. grain yields, attributed to severe winds and tornadoes that affected the Midwest and Great Plains regions over the weekend. Furthermore, forecasts predict that dry conditions will continue in the Southern Plains of the USA this week, which could negatively influence crop yields.
Additional upward pressure on prices stemmed from reports of a potential decrease in wheat exports from Russia, which is expected to heighten demand for American wheat.
On the same day, soybean futures saw a marginal rise of 0.2%, reaching $10.17 per bushel. However, this increase was tempered by weak demand for U.S. soybeans and predictions of a record oilseed harvest in Brazil.
Corn prices registered a slight increase of 0.1%, bringing them to $4.61 per bushel. Overall, trading activity in the grain market remains lackluster, overshadowed by uncertainties regarding crop yield and global supply levels.