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Corn and wheat prices diverge amid global demand and weather forecasts

EditorLina Guerrero
Published 01/17/2024, 05:36 PM
© Reuters.
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CHICAGO - In the latest commodity market movements, corn futures remained steady while wheat prices experienced a slight uptick, influenced by robust global demand. On the Chicago Board of Trade, March corn held at $4.42 per bushel, despite recently hitting a three-year low. Meanwhile, wheat prices edged higher to $5.825 per bushel, bolstered by significant demand from countries like Egypt, Algeria, and Tunisia.

Soybeans, however, did not fare as well, with futures dropping to $12.0575 per bushel, which is close to a two-year low. This decline is part of a broader market downturn affecting various commodities. Weather developments have introduced mixed influences on the market; anticipated beneficial rains in Brazil offer some hope for crop conditions, yet the country's production forecasts are still compromised due to earlier droughts.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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