CBOT wheat futures continued to tumble on Tuesday from multi-month highs set last week amid weak demand, market uncertainty and hefty deliveries against the May contract. Worries about dryness in the southern US Plains wheat belt underpin values, though weather charts continued to point to rain relief in part of top global wheat exporter Russia in the coming days. Funds sold 2.000 contracts. As of Saturday condition ratings for US winter wheat declined from 50 to 49 percent good to excellent, compared with 28 percent a year ago. As of April 23, some 30 percent of US winter wheat was located in an area experiencing drought, the USDA said last week, up from 24 percent the previous week and up from 18 percent two weeks prior. In Kansas, the top winter wheat producer, 65 percent of the state was experiencing moderate drought, up from 53 percent the previous week, the weekly US Drought Monitor showed. Last week planting of US spring wheat was 34 percent complete, versus 10 percent a year ago and the five-year average of 19 percent.
CBOT corn futures fell on Tuesday amid plentiful global supplies and as wheat and soybean prices tumbled. Corn prices have been heavily influenced by wheat prices, which tumbled for the second session in a row on weak demand, profit-taking and a risk-off market environment. Rains may stall field work in the US Midwest this week, but general planting conditions are favorable. Funds sold 2.000 contracts. As of Saturday planting of US corn was 27 percent complete, versus 23 percent in 2023 and 22 percent on an average.
ICE canola futures dropped on Tuesday for a fifth session in a row, tracking a wider decline in oilseed markets. Weakness in underlying canola fundamentals also weighed on futures, one trader said. Most-active July canola lost $ 15 to settle at $ 618,00 per tonne.
CBOT soybean futures ended lower on Tuesday as sinking soyoil prices dragged down the soy complex amid weak demand and large deliveries against the May futures contract. Funds sold 8.000 contracts of soybeans, 2.000 contracts of soymeal and 4.500 contracts of soyoil. As of Saturday planting of US soybeans was 18 percent complete, compared with 16 percent last year and the five-year average of 10 percent. The US soybean crush likely increased in March to a record-high 206 million bushels, according to analysts surveyed by Reuters ahead of a monthly USDA report. Crude oil fell by 70 cents to $ 81,93.
Bron: Stigevo