CBOT wheat futures turned lower on Wednesday, backing off multi-month highs hit earlier in the week, as weather forecasts improved in some parts of top exporter Russia and the USDA’s weekly data showed improving winter crop conditions. Funds sold 4.500 contracts. Export sales of US wheat are estimated between 100.000 and 700.000 tonnes. Ukraine’s grain exports had reached 42,4 million tonnes as of May 8, almost equal to the volume exported the previous season. Exports have included 16,2 million tonnes of wheat, 23,5 million tonnes of corn and 2,23 million tonnes of barley. Egypt’s state grains buyer, the General Authority for Supply Commodities, said on Wednesday it bought 420.000 tonnes of wheat in an international tender. The purchase comprised 360.000 tonnes of Russian wheat and 60.000 tonnes of Romanian wheat.
CBOT corn futures ended lower on Wednesday, as farmers continued to sell off their old crop and Brazil faced continued flooding in grain producing regions. Some market participants are expecting bearish supply and demand numbers from the USDA on Friday. Funds sold 6.500 contracts. In week ending May 3 the US ethanol production declined by 2,23 percent versus the previous week. Export sales of US corn are estimated within the range 600.000 tonnes to 1,25 million tonnes.
ICE canola futures fell on Wednesday, halting a five-day winning streak, as favorable rains hit the Canadian Prairies, helping to ease concerns about dry soil, traders said. Most-active July canola lost $ 10,40 to settle at $ 656,70 per tonne.
CBOT soybean futures ended lower on Wednesday ahead of the USDA’s monthly supply/demand and crop production reports, despite flooding in Brazil’s Rio Grande do Sul state continuing to disrupt harvest. Soybean futures ticked lower on expectations the USDA report on Friday will show strong global supplies, while forecasts for drier weather in the US Midwest are expected to allow for accelerated seeding, analysts said. Funds sold 7.500 contracts of soybeans, 2.000 contracts of soymeal and 2.500 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (250.000-700.000 tonnes), soymeal (100.000-400.000 tonnes) and soyoil (-5.000- 12.000 tonnes). Crude oil rose by 61 cents to $ 78,99.
Bron: Stigevo