CBOT wheat futures took a dip on Monday as rain brought relief to the crop in the US Plains. Wheat futures fell sharply as weekend rains brought ‘notable’ moisture to the wheat crop in the US Plains, according to Commodity Weather Group, undoing winter wheat deficits. Russian wheat export prices, as well as shipments, fell last week because of subdued international demand and new export rules aimed at preventing price spikes in the domestic market, analysts said. Funds sold 6.000 contracts. APK-Inform kept its forecast for Ukraine’s 2024/25 grain harvest unchanged at 52,5 million tonnes and the 2024/25 grain exports at 37,3 million tonnes. Ukraine’s grain exports in the 2023/24 season rose to about 51 million tonnes from 49,2 million tonnes the previous season.
CBOT corn futures fell on profit-taking on Monday after touching more than a four-month high on Friday, according to analysts, and were also pulled down by weakness in crude oil. Corn ticked down on profit-taking by traders after a rally spurred by the USDA’s Friday report showing the corn harvest was smaller than trade expectations. Dry weather caused stress to parts of the corn crop in Argentina, according to Commodity Weather Group. Funds sold 3.000 contracts.
ICE canola futures were not traded on Monday, due to Canada’s Remembrance Day holiday.
CBOT soybean futures fell back on Monday after setting a one-month high on Friday amid profit-taking and crude oil weakness. Soybean futures dropped on profit-taking after rallying on lower than expected harvest numbers issued by the USDA last week. Oil prices fell by more than 2 percent on Monday, which tends to also pressure soybeans and corn, after China’s latest stimulus plan failed to inspire demand growth in the world’s second-biggest oil consumer. Funds sold 6.500 contracts of soybeans, 6.000 contracts of soymeal and 500 contracts of soyoil. Brazil’s soybean planting for the 2024/25 season had reached 67 percent of the total expected area as of last Thursday, AgRural said on Monday, up from 54 percent the previous week and 61 percent a year earlier. Rains over the weekend in parts of Argentina’s agricultural heartland mean that farmers will able to keep up the quick pace in planting of this season’s soy crop, the Rosario grains exchange said on Monday. Crude oil fell by $ 2,34 to $ 68,04.
Bron: Stigevo