CBOT wheat futures backed off on Tuesday from the multi-month highs hit earlier in the week as weather forecasts improved for top exporter Russia and the USDA’s weekly data showed improving winter crop conditions. Better than-expected crop ratings for US winter wheat and showers expected in southern Russia alleviated some concerns around dry weather damaging yields, analysts said. Funds sold 2.500 contracts. As of Saturday condition ratings for US winter wheat improved from 49 to 50 percent good to excellent, compared with 29 percent a year ago. Last week planting of US spring wheat was 47 percent complete, versus 21 percent a year ago and the five-year average of 31 percent.
CBOT corn futures touched a four-month high but ended lower on Tuesday, following wheat, with farmers selling old crops into the rally. Volatile weather in the US Midwest and South America caused uncertainty about planting schedules earlier in the week. But farmers were encouraged to sell during the rally, including old crop and some new, analysts said. Corn was down slightly on spillover weakness from wheat, while traders turn their attention to Friday’s monthly USDA supply/demand report. Funds sold 1.000 contracts. As of Saturday planting of US corn was 36 percent complete, versus 42 percent in 2023 and 39 percent on an average.
ICE canola futures rose on Tuesday for a fifth straight session and touched the July contract’s highest price of 2024. Most-active July canola gained $ 6,20 to settle at $ 667,10 per tonne. Statistics Canada estimated March 31, 2024 canola stocks at 8,3 million tonnes, up 17,5 percent from last year’s 7,03 million tonnes.
CBOT soybean futures ended mixed on Tuesday, with nearby contracts down on profit-taking and spillover pressure from lower wheat futures while new-crop contracts firmed. Soybeans fell on profit-taking after hitting a three month high set in the overnight session, analysts said. Funds sold 2.000 contracts of soybeans and 2.000 contracts of soymeal, but bought 2.000 contracts of soyoil. As of Saturday planting of US soybeans was 25 percent complete, compared with 30 percent last year and the five-year average of 21 percent. Crude oil fell by 10 cents to $ 78,38.
Bron: Stigevo