{"id":12944,"date":"2024-04-24T03:14:00","date_gmt":"2024-04-24T03:14:00","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=12944"},"modified":"2025-03-06T06:58:23","modified_gmt":"2025-03-06T06:58:23","slug":"wheat-prices-fall-focus-turns-to-us-and-russian-crops","status":"publish","type":"post","link":"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/12944\/","title":{"rendered":"Wheat Prices Fall, Focus Turns to US and Russian Crops"},"content":{"rendered":"\n<p>Today in the <a href=\"https:\/\/www.vtmarkets.com\/soft-commodities\/\">agricultural commodities<\/a> market, Chicago wheat recorded a drop on Wednesday, marking its first decline in five sessions. This pullback came after the grain hit a two-month peak in the prior session, demonstrating a slight correction after <a href=\"https:\/\/www.vtmarkets.com\/analysis\/wheat-prices-rise-due-to-geopolitical-tensions\/\">its recent upswing<\/a>. <\/p>\n\n\n\n<p>The most-active wheat contract on the Chicago Board of Trade (CBOT) decreased by 0.5% to $6.00 a bushel. This adjustment occurred following a rise to $6.03-1\/2 a bushel on Tuesday, which was its highest value since mid-February.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Wheat Prices Respond to Russian Weather and U.S. Crop Ratings<\/strong><\/h3>\n\n\n\n<p>Concurrently, corn prices saw a decline by 0.1% to $4.52-1\/4 a bushel, and soybeans showed minimal movement, gaining just a quarter of a cent to settle at $11.82-1\/4 a bushel. The recent dynamics in wheat prices have been influenced by several factors, such as the <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/us-wheat-farmers-face-bleak-crop-economics-grain-oversupply-hits-2024-04-17\/\">decline in U.S. crop ratings<\/a> and adverse weather conditions affecting crop maturation in Russia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Increased Concerns Over Global Wheat Supply<\/strong><\/h3>\n\n\n\n<p>The latest <a href=\"https:\/\/www.usda.gov\/media\/radio\/weekly-features\/2024-04-16\/usdas-weekly-crop-progress-report-massive-undertaking\">U.S. Department of Agriculture&#8217;s (USDA) weekly crop progress report<\/a> indicated that only 50% of the U.S. winter wheat crop was rated in good-to-excellent condition, a decrease from 55% the previous week and slightly lower than analysts&#8217; expectations. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">(FARGO, ND)\u2013 The latest <a href=\"https:\/\/twitter.com\/USDA?ref_src=twsrc%5Etfw\">@USDA<\/a> Crop Progress Report reflected a deteriorating winter wheat crop in parts of the country but also showed good planting conditions for row crops and spring wheat.<a href=\"https:\/\/t.co\/Al5pSuuEGx\">https:\/\/t.co\/Al5pSuuEGx<\/a><\/p>&mdash; American Ag Network (@AmericanAgNet) <a href=\"https:\/\/twitter.com\/AmericanAgNet\/status\/1782821730853044275?ref_src=twsrc%5Etfw\">April 23, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>This reduction is primarily attributed to dry conditions impacting hard red winter wheat areas in Oklahoma and Kansas. Similarly, dry weather in southern Russia and a cold spell in western Europe have heightened concerns over global wheat supplies.<\/p>\n\n\n\n<p>Furthermore, adjustments to wheat production forecasts have been made, with <a href=\"https:\/\/finance.yahoo.com\/news\/argus-raises-2024-25-russia-120000652.html\">Argus Media<\/a> revising its expectations for Ukraine\u2019s wheat output downward to 19.93 million metric tons, reflecting a decrease of about 230,000 tons from previous estimates. This represents an 11% reduction compared to the previous year, linked to a smaller planted area.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>US Corn Planting Matches Expectations, Soybeans Ahead of Schedule<\/strong><\/h3>\n\n\n\n<p>In terms of planting progress, the U.S. is experiencing somewhat favourable conditions for corn, with the USDA reporting 12% of the corn crop planted, aligning with analyst expectations. For soybeans, planting is slightly ahead of forecasts, with 8% completed compared to an anticipated 7%.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/get-trading\/forex-trading-account\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today in the agricultural commodities market, Chicago wheat recorded a drop on Wednesday, marking its first decline in five sessions. This pullback came after the grain hit a two-month peak in the prior session, demonstrating a slight correction after its recent upswing. The most-active wheat contract on the Chicago Board of Trade (CBOT) decreased by <a href=\"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/12944\/\" class=\"read-more\">Continue Reading<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[28],"class_list":["post-12944","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities"],"acf":[],"aioseo_notices":[],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"luna","author_link":"https:\/\/www.vtmarketsglobal.com\/en\/author\/luna\/"},"_links":{"self":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/12944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/comments?post=12944"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/12944\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/media?parent=12944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/categories?post=12944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/tags?post=12944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}