Wheat jumps 1% on global supply worries; soybeans hit one-month low

According to the latest news from MarketScreener on June 2, 2024, Chicago wheat experienced a significant increase of over 1% on Monday, rebounding from three consecutive days of declines. This uptick in price was driven by concerns regarding the global wheat supply, which had reached a 10-month high the previous week.

Meanwhile, soybean prices slid to a one-month low. The decline in soybean prices was influenced by several factors, including progress in U.S. planting and an abundance of supplies from South America.

The U.S. Department of Agriculture (USDA) reported that U.S. farmers had made substantial progress in planting their soybean crops, which weighed on prices due to the expectation of a larger harvest this year. Additionally, ample supplies from major South American producers like Brazil and Argentina further pressured the market.

The global wheat market, on the other hand, has been facing concerns due to various factors such as adverse weather conditions in key growing regions like Australia, France, and Canada, which have affected crop yields. Furthermore, the ongoing conflict in Ukraine, a significant wheat exporter, has added to the uncertainty in the market.

In summary, the Chicago wheat market saw a price increase of over 1% on June 2, 2024, due to concerns over global wheat supplies, while soybean prices dropped to a one-month low due to U.S. planting progress and ample South American supplies.