CBOT wheat futures closed higher on Tuesday, following strength in corn and soybean futures. Funds bought 3.000 contracts. Weekly export inspections of US wheat at 320.000 tonnes were in line with a range of trade expectations for 150.000 to 400.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 12,4 million tonnes, down 3,1 percent from the same period last year. Till Jan. 15 the EU exported 17,67 million tonnes of common wheat, versus 16,63 million tonnes at the same date last year.
CBOT corn futures closed higher on Tuesday for a fifth straight session, with the March contract touching a two month peak on signs of export demand and follow-through strength from last week’s bullish US government supply/demand reports. Funds bought 7.500 contracts. Weekly export inspections of US corn at 774.000 tonnes were topping trade forecasts that ranged from 400.000 to 700.000 tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 10,8 million tonnes, down 29,7 percent from the same period last year. US exporters sold 150.000 tonnes of corn to Colombia for 2022/23 delivery. Till Jan. 15 the EU imported 15,66 million tonnes of corn and exported 3,06 million tonnes of barley, versus resp. 8,31 and 5,05 million tonnes at the same date a year earlier.
ICE canola futures edged higher on Tuesday, but lagged bigger gains by soybeans. Most-active March canola gained $ 1,00 to settle at $ 841,90 per tonne. Till Jan. 15 the EU imported 4,24 million tonnes of rapeseed, compared with 2,89 million tonnes at the same date last year.
CBOT soybean futures hit a six-month top on Tuesday, rallying from early weakness as traders focused on US export business and last week’s USDA reports that showed smaller-than-expected US supplies. Funds bought 5.000 contracts of soybeans, 2.500 contracts of soymeal and 2.500 contracts of soyoil. Weekly export inspections of US soybeans at 2,08 million tonnes were topping a range of trade expectations for 0,9 to 1,925 million tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 32,2 million tonnes, down 4,4 percent from the same period last year. NOPA members crushed 177,5 million bushels of soybeans in December, below the average estimate of 182,9 million. Till Jan. 15 the EU imported 5,97 million tonnes of soybeans and 8,72 million tonnes of soymeal, versus resp. 7,12 and 8,88 million tonnes at the same date a year earlier. US exporters sold 119.000 tonnes of soybeans to unknown destinations for 2022/23 delivery. Crude oil rose by 32 cents to $ 80,18.Source : Stigevo