CBOT wheat futures fell to a one-month low on Wednesday on technical selling, strong competition for global export business and forecasts for beneficial rains in parts of the southern US Plains and Russia. Traders were monitoring dry conditions in winter wheat areas of the southern US Plains and parts of Russia, but forecasts called for rains in portions of both regions. Funds sold 3.500 contracts. Export sales of US wheat are estimated between minus 100.000 and 200.000 tonnes. Ukraine’s grain exports have fallen to almost 38 million tonnes as of April 15, from 39,7 million a year earlier. Exports have included 14,8 million tonnes of wheat, 20,7 million tonnes of corn and 2,1 million tonnes of barley. Ukraine’s 2023 grain crop totaled around 60 million tonnes, including 22,2 million tonnes of wheat, 30,5 million tonnes of corn and 5,7 million tonnes of barley.
CBOT corn futures closed lower on Wednesday for a third straight session on a lack of fresh news as market players awaited the expansion of planting in the US Midwest crop belt. Analysts with Argentina’s Rosario grain exchange said the country’s corn harvest, already cut sharply due to a stunt disease spread by leafhopper insects, was likely to be slashed significantly further. Funds sold 500 contracts. In week ending April 12 the US ethanol production fell by 6,9 percent versus the previous week. Export sales of US corn are estimated within the range 0,3 to 0,9 million tonnes.
ICE canola futures edged higher on Wednesday with soybeans, reversing losses that pushed canola to a five-week low earlier in the session. Canola’s upside is limited by speculators taking short positions and uncertainty about Canadian spring planting conditions, a trader said. Most-active July canola gained 30 cents to settle at $ 623,80 per tonne.
CBOT soybean futures ended higher on Wednesday, bouncing on a round of bargain-buying after the most-active July contract hit a six-week low. In addition, prices for exportable soybeans in top global supplier Brazil have firmed in the past few weeks, analysts said, helping to support US soy values. Funds bought 1.500 contracts of soybeans, 2.000 contracts of soymeal and 1.000 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (300.000-650.000 tonnes), soymeal (100.000-300.000 tonnes) and soyoil (-5.000-10.000 tonnes). Crude oil fell by $ 2,67 to $ 82,69.
Bron: Stigevo