CBOT wheat futures on Wednesday continued to fall from multi-month highs set last week amid news of rain over key wheat-growing areas in southern Russia and the US Plains. Traders are continuing to closely watch weather concerns in the US Plains and southern Russia as showers may not have been enough to alleviate dryness, brokers said. Funds sold 2.000 contracts. Export sales of US wheat are estimated between 100.000 and 700.000 tonnes. Ukraine’s grain exports had reached 41,4 million tonnes as of May 1, versus 41,6 million a year earlier. Exports have included 15,8 million tonnes of wheat, 22,9 million tonnes of corn and 2,2 million tonnes of barley.
CBOT corn futures ticked higher on Wednesday on concerns over rainy weather in the US corn belt that may delay planting. Traders are watching planting progress and awaiting a monthly USDA supply and demand report set to be released on May 10. Funds bought 3.000 contracts. In week ending April 26 the US ethanol production rose by 3,5 percent versus the previous week. Export sales of US corn are estimated within the range 650.000 tonnes to 1,6 million tonnes. Consumption of US corn for ethanol increased to 469 million bushels in March, up from 445 million in February and up from 436 million bushels in March 2023.
ICE canola futures rose on Wednesday with soybeans, halting a five-day skid. A trader said there is little fundamental reason for canola’s strength, which it looks unable to sustain as beneficial rains reach the dry Canadian Prairies. Most-active July canola gained $ 7,70 to settle at $ 625,70 per tonne.
CBOT soybean futures rose on Wednesday on intra-market spread trading after an oil worker strike in Argentina lifted. Argentina’s oilseed sector workers lifted a two-day strike late on Tuesday. Business at the South American country’s top grains ports had been paralyzed by striking union workers, holding up shipments from the world’s top supplier of soy products. Funds bought 3.000 contracts of soybeans and 1.000 contracts of soyoil, but sold 1.500 contracts of soymeal. Export sales of the US soy complex are estimated as follows: soybeans (100.000-900.000 tonnes), soymeal (150.000-400.000 tonnes) and soyoil (-5.000-10.000 tonnes). During March US crushers processed 204 million bushels of soybeans, versus 194 million in February and 198 million bushels in March 2023. During March US soymeal stocks increased from 326.000 to 560.000 tons, and stocks of US soyoil increased from 2.148 to 2.369 million pounds. Crude oil fell by $ 2,93 to $ 79,00.
Source : Stigevo