CBOT wheat futures closed lower on Monday, following corn and soybean futures as crude oil declined and the dollar strengthened, making US grains less attractive globally. Crude oil prices slipped after Iran’s weekend attack on Israel proved to be less damaging than anticipated, easing concerns of a quickly intensifying conflict, a factor that set the tone for commodity markets including grains. Funds sold 1.500 contracts. Weekly export inspections of US wheat at 551.000 tonnes were topping a range of trade expectations for 350.000 to 525.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 15,92 million tonnes, down 9,2 percent from the same period last year.
CBOT corn futures ended lower on Monday, pressured by generally favorable US weather for planting and a setback in crude oil futures as worries eased about escalating tensions in the Middle East. Funds sold 1.500 contracts. Weekly export inspections of US corn at 1,33 million tonnes were in line with trade forecasts that ranged from 1,2 to 1,5 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 28,68 million tonnes, up 33,7 percent from the same period last year. US exporters sold 165.000 tonnes of corn to Mexico, of which 135.000 tonnes for delivery in 2023/24 and the rest for 2024/25 delivery.
ICE canola futures fell 2 percent on Monday as ample supplies and lackluster Canadian exports weighed down prices. Most-active July canola gave up $ 14,90 to settle at $ 631,40 per tonne.
CBOT soybean futures fell on Monday as crude oil futures declined on easing concerns about tensions in the Middle East. Generally favorable US crop planting weather added to bearish sentiment along with worries about demand for the oilseed. Funds sold 6.000 contracts of soybeans, 2.500 contracts of soymeal and 2.000 contracts of soyoil. Weekly export inspections of US soybeans at 433.000 tonnes were in line with a range of trade estimates for 375.000 to 600.000 tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 38,04 million tonnes, down 18,5 percent from the same period last year. NOPA members, which account for around 95 percent of soybeans crushed in the United States, processed 196,4 million bushels of soybeans in March, up 5,5 percent from 186,2 million bushels in February and up 5,7 percent from 185,8 million bushels in March 2023. Brazil’s soybean harvest for the 2023/24 cycle had reached 84 percent of the planted area as of last Thursday, AgRural said on Monday, up 6 percentage points from the previous week. Crude oil fell by 25 cents to $ 85,41.
Source : Stigevo