CBOT wheat futures jumped on Monday following president Joe Biden’s decision to lift restrictions on Ukraine using US-provided long-range missiles to strike within Russia. Traders feared the move could cause an escalation in Russia’s war on Ukraine that would impede the growing and transportation of wheat in the breadbasket Black Sea region. Funds bought 6.000 contracts. Weekly export inspections of US wheat at 196.000 tonnes were below trade expectations for 300.000 to 425.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 10,32 million tonnes, up 31,4 percent from the same period last year. Ukraine’s grain exports in the 2024/25 season reached 16,43 million tonnes by Nov. 18, up from 12,03 million tonnes at Nov. 22 last year. The volume included 8,35 million tonnes of wheat, 6,05 million tonnes of corn and 1,74 million tonnes of barley.
CBOT corn futures ticked up on Monday following a rally in wheat futures, analysts said. The US dollar weakened after reaching one-year highs the previous week. Funds bought 9.500 contracts. Weekly export inspections of US corn at 821.000 tonnes were in line with trade forecasts that ranged from 0,65 to 0,9 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 9,06 million tonnes, up 31,9 percent from the same period last year.
ICE canola futures were lower most of the session on Monday, but ended firmer as technical buying and spillover support from a late rally in soyoil offset pressure from a steep slide in palm oil. Most-active January canola gained $ 1,50 to settle at $ 648,20 per tonne.
CBOT soybean futures climbed on Monday on technical short-covering, after weakening earlier in the session. Funds bought 6.500 contracts of soybeans, 2.000 contracts of soymeal and 1.000 contracts of soyoil. Weekly export inspections of US soybeans at 2,17 million tonnes were in line with a range of trade expectations for 1,9 to 2,5 million tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 17,48 million tonnes, up 9,2 percent from the same period last year. US exporters sold 261.264 tonnes of soybeans to Mexico, 135.000 tonnes of soymeal to the Philippines and 30.000 tonnes of soyoil to India, all for delivery in 2024/25. Brazil’s soybean planting for the 2024/25 season had reached 80 percent of the total expected area as of last Thursday, AgRural said on Monday, up from 67 percent the previous week and 68 percent a year earlier. Crude oil rose by $ 2,14 to $ 69,16.
Bron: Stigevo