CBOT wheat futures closed lower on Wednesday on optimism about an extension of a deal to protect grain exports on the Black Sea, and as concerns eased that the Ukraine war could escalate after a missile hit Poland. Traders shrugged off support from fresh US export sales. Ukrainian winter crops sown for the 2023 harvest are in satisfactory and good condition. Ukraine traditionally plants winter wheat which accounts for more than 95 percent of the overall wheat output. The plants are sown in autumn and harvested in the first half of the next summer. Funds sold 5.000 contracts. Export sales of US wheat are estimated between 250.000 and 500.000 tonnes. US exporters sold 150.000 tonnes of hard red spring wheat to Iraq for delivery in 2022/23. Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), is believed to have bought 300.000 tonnes of Russian wheat via private talks.
CBOT corn futures ended modestly lower on Wednesday, pressured by optimism about an extension of a deal to protect grain exports on the Black Sea and waning fears that the Ukraine war could escalate after a missile hit Poland. Fresh US export sales helped limit declines. Funds sold 2.000 contracts. Export sales of US corn are estimated within the range 0,7 to 1,4 million tonnes. In week ending Nov. 11 the US ethanol production fell by 3,8 percent versus the previous week. US exporters sold 1,87 million tonnes of corn to Mexico, of which 1,24 million tonnes for delivery in 2022/23 and 625.000 tonnes for 2023/24 delivery.
ICE canola futures fell on Wednesday, weighed down by a steeper plunge in soyoil prices. Most-active January canola lost $ 12,20 to settle at $ 882,40 per tonne.
CBOT soybean futures fell about 2 percent on Wednesday, anchored by a profit-taking plunge in soyoil futures and declines in crude oil. Declines in crude oil lent pressure, due in part to rising COVID-19 cases in China that raised worries about demand for goods. Rains are expected to favor crop areas of northeastern Brazil over the next week, space technology company Maxar said in a daily weather note, bolstering crop prospects. Funds sold 11.000 contracts of soybeans, 2.000 contracts of soymeal and 8.000 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (0,9-1,7 million tonnes), soymeal (90.000-300.000 tonnes) and soyoil (0-20.000 tonnes). Crude oil fell by $ 1,33 to $ 85,59.
Source : Stigevo