Commentaar over de markt (Chicago) van: 25-feb-2025

CBOT wheat futures ended lower on Tuesday, pressured by milder weather in top global wheat supplier Russia as well as in the US breadbasket. Broad pressure in grain markets stemmed from fears that US tariffs would trigger reprisals against US agricultural exports. President Donald Trump said proposed levies on imports from Mexico and Canada were on track to be implemented. Traders await preliminary US 2025 supply and demand forecasts due on Thursday from the USDA’s annual outlook conference. Funds sold 3.500 contracts. Till Feb. 23 the EU exported 13,65 million tonnes of common wheat, versus 21,31 million tonnes by Feb. 25 last year. Sovecon trimmed its Russian wheat export forecast for the 2024/25 season to 42,2 million tonnes from 42,8 million, but raised its forecast for 2025/26 Russian wheat exports to 38,9 million tonnes, from 38,3 million previously.

CBOT corn futures fell to a three-week low on Tuesday, sliding for a third successive session on tariff tensions and improving weather outlooks for South American crop regions. In South America, heavy rains in Argentina were bringing relief to corn and soy crops that have struggled with hot and dry weather. Showers were likely to continue over the next few days, marking a turning point for drought-hit crops, the Rosario grains exchange said on Monday. Additional pressure stemmed from fears that US tariffs would trigger reprisals against US agricultural exports. Funds sold 9.000 contracts. Till Feb. 23 the EU imported 13,49 million tonnes of corn and exported 3,16 million tonnes of barley, versus resp. 12,54 and 3,91 million tonnes as of Feb. 25, 2024.

ICE canola futures fell slightly on Tuesday, edging beneath the selloff levels on Monday as gloom over North American vegoils continues. Most-traded May canola lost $ 2,30 to settle at $ 657 per tonne. Till Feb. 23 the EU imported 4,23 million tonnes of rapeseed, versus 3,87 million tonnes by Feb. 25 last year.

CBOT soybean futures closed narrowly mixed on Tuesday, supported by signs of export demand for US soymeal and inter-market spreading against corn futures. Rallies were capped by improving weather in Argentina that could bolster global soybean supplies as well as seasonal pressure from the ongoing harvest of a bumper Brazilian soy crop. Funds bought 1.500 contracts of soymeal, sold 1.500 contracts of soyoil, but were even in soybeans. Till Feb. 23 the EU imported 8,95 million tonnes of soybeans and 12,50 million tonnes of soymeal, versus resp. 8,03 and 9,68 million tonnes as of Feb. 25, 2024. Crude oil declined by $ 1,77 to $ 68,93.