CBOT wheat futures settled down on Wednesday after spending the day choppy as traders weighed a cut to Russian wheat production estimates against strong harvests in Australia and Argentina. Sovecon cut its 2025 wheat crop forecast by 3 million tonnes to 78,7 million tonnes, citing crop conditions it said were the worst in decades. However, ongoing harvests in Argentina and Australia have exceeded expectations and pressured global prices. Dry weather is expected to persist in the US central and southern Plains over the next few weeks, according to Commodity Weather Group, stressing winter wheat. A strong US dollar has also weighed on wheat futures. Funds sold 2.500 contracts. Export sales of US wheat are estimated between 225.000 and 550.000 tonnes.
CBOT corn futures ticked down on Wednesday as futures came under pressure from plummeting soybean prices and a large South American crop. A US government funding bill was released allowing year-round sales of gasoline with a higher ethanol blend, helping to add support for corn futures. The funding bill would allow 15 percent ethanol blend gas to be sold in the months of June to September, potentially lifting demand for the corn-based biofuel. Funds sold 9.000 contracts. In week ending Dec. 13 the US ethanol production rose by 2,32 percent versus the previous week. Export sales of US corn are estimated within the range 0,8 to 1,6 million tonnes. US exporters sold 135.000 tonnes of corn to Colombia for delivery in 2024/25.
ICE canola futures were sucked lower by a sharp drop in US soybean and soyoil futures, but firm demand and a weaker Canadian dollar helped to limit declines and prices remained relatively firm compared with soyoil. Most active March canola gave up $ 8,20 to settle at $ 594,30 per tonne.
CBOT soybean futures hit a four-year low on Wednesday, pressured by bumper crop prospects in Brazil and a slide in soyoil prices fuelled by a proposed US biofuel policy change. Soybeans were dented by sharp losses for soyoil after news on Tuesday that a stopgap US government funding bill did not include supports for biodiesel among other agriculture related policies and spending. Funds sold 16.500 contracts of soybeans, 6.000 contracts of soymeal and 4.500 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (825.000- 2.000.000 tonnes), soymeal (150.000-350.000 tonnes) and soyoil (5.000-60.000 tonnes). US exporters sold 120.000 tonnes of soymeal to Colombia for 2024/25 delivery. Crude oil rose by 50 cents to $ 70,58.
Bron: Stigevo