CBOT wheat futures sank on Tuesday on pressure from the ongoing harvest in the US Plains and Black Sea as well as a lack of weather threats. Dry weather in the US Plains has helped the winter wheat crop dry down after drenching rains in previous weeks, and experts predict the wheat harvest will accelerate this week. Funds sold 4.000 contracts. As of Saturday condition ratings for US winter wheat declined from 52 to 49 percent good to excellent, compared with 52 percent a year ago. Last week harvesting of US winter wheat was for 19 percent complete, compared with 38 percent last year and 28 percent on average. Condition ratings for US spring wheat declined from 57 to 54 percent good to excellent, compared with 71 percent a year ago. Till June 22 the EU exported 19,93 million tonnes of common wheat, versus 30,53 million tonnes by June 23 last year.
CBOT front-month corn futures hit lifetime lows on Tuesday on expectations of ample corn stockpiles. Back-month contracts also settled down. Corn has remained under pressure from expectations of ample US and global supply despite weaker-than-anticipated weekly US crop ratings. Funds sold 7.000 contracts. As of Saturday condition ratings for US corn declined from 72 to 70 percent good to excellent, versus 69 percent a year ago. US exporters sold 630.000 tonnes of corn to Mexico, of which 554.400 tonnes for delivery in 2025/26 and 75.600 tonnes for 2026/27 delivery. Till June 22 the EU imported 19,27 million tonnes of corn and exported 4,32 million tonnes of barley, versus resp. 18,57 and 5,69 million tonnes as of June 23, 2024.
ICE canola futures fell sharply on Tuesday as crude oil slumped and better crop conditions in North America lifted worries about future supply. Most-traded November canola lost $ 18,80 to settle at $ 706,20 per tonne. Till June 22 the EU imported 7,16 million tonnes of rapeseed, versus 5,59 million tonnes by June 23 last year.
CBOT soybean futures fell on Tuesday on spillover weakness from soyoil and crude oil futures. Funds sold 500 contracts of soybeans, 1.500 contracts of soymeal and 1.500 contracts of soyoil. As of Saturday planting of US soybeans was 96 percent complete, versus 96 percent in 2024 and 97 percent on an average. Condition ratings for US soybeans remained unchanged at 66 percent good to excellent, versus 67 percent a year ago. Till June 22 the EU imported 13,79 million tonnes of soybeans and 18,88 million tonnes of soymeal, versus resp. 12,89 and 14,93 million tonnes as of June 23, 2024. Crude oil fell by $ 4,14 to $ 64,37.
Bron: Stigevo