US wheat futures rose on Thursday, supported by signs of rising overseas demand and concerns about crop shortfalls in war-torn Ukraine and Russia, key suppliers on the export market. Funds bought 7.500 contracts. Weekly export sales of US wheat at 561.000 tonnes were near the high end of a range of expectations for 150.000 to 575.000 tonnes. Ukraine’s wheat production is set to fall as farmers reduce planting due to the war, with the Ukraine Grain Association (UGA) projecting that the 2023 crop will not exceed 16 million tonnes. The USDA said on Thursday the agency sees Russia’s official wheat crop estimate of more than 104 million tonnes as ‘not feasible’. In its latest supply and demand report (WASDE), USDA pegged Russia’s 2022 wheat harvest at 91 million tonnes.
CBOT corn futures rose on Thursday, with strong US exports and concerns about global supplies pushing the market higher. Funds bought 6.500 contracts. Weekly export sales of US corn were, with 926.000 tonnes, in line with trade forecasts that ranged from 0,6 to 1,5 million tonnes. Ukraine’s 2023 corn production was not expected to exceed 18 million tonnes as farmers cut back plantings due to the war, according to UGA. A storm front is expected to bring desperately needed rain to a large swathe of Argentina’s parched agricultural land over the next week, the Buenos Aires Grains exchange said on Thursday, which should help farmers in the planting stage as the South American country suffers a historic drought.
ICE canola futures rose on Thursday for a second straight day, following European rapeseed and soy futures higher. Canola’s strength reflects that it ran out of sellers after its recent skid, as technical selling pushed prices too low, a trader said. Canadian farmers continue to be reluctant sellers of their canola, adding further price support. Most active March canola gained $ 5,60 to settle at $ 806,10 per tonne.
CBOT soybean futures rose 1,4 percent to a one-week high on Thursday on a strong export report from the US government. Soymeal and soyoil futures also were strong, with soyoil rebounding from a six-week low it hit on Wednesday. Funds bought 7.500 contracts of soybeans, 5.000 contracts of soymeal and 1.000 contracts of soyoil. Weekly export sales of US soybeans at 1,27 million tonnes were topping a range of trade estimates for 0,60 to 1,26 million tonnes. Export sales of soymeal (334.000 tonnes) and soyoil sales (2.000 tonnes) were both in line with market expectations. US exporters sold 106.000 tonnes of soybeans to China for delivery in 2023/24. Crude oil rose by 86 cents to $ 81,01.
Source : Stigevo