CBOT wheat futures rallied to a nearly three-month high on Wednesday on news of dry conditions in wheat producing regions and Russian attacks in the Black Sea region threatening to disrupt supply chains. Ongoing concerns over dry weather in the US Plains and Russia supported prices. Attacks on Ukraine’s Black Sea ports, affected the country’s grain infrastructure, rattling the markets. Funds bought 4.000 contracts. Export sales of US wheat are estimated between zero and 500.000 tonnes. Ukraine’s grain exports had reached almost 40 million tonnes as of April 24, against 40,7 million a year earlier. Exports have included 15,2 million tonnes of wheat, 22 million tonnes of corn and 2,2 million tonnes of barley.
CBOT corn futures dipped on Wednesday on export competition from Brazil and easing crude oil prices. Funds sold 2.000 contracts. In week ending April 19 the US ethanol production fell by 3 percent versus the previous week. Export sales of US corn are estimated within the range 425.000 tonnes to 1,25 million tonnes. During the first quarter of this year China imported 7,9 million tonnes of corn and 4,4 million tonnes of barley, compared with 7,5 and 1,7 million tonnes in the same three months of 2023, respectively. Chinese imports of sorghum in the first quarter amounted 2,2 million tonnes, versus 512.000 tonnes in the same period last year.
ICE canola futures dipped on Wednesday, weighed down by weaker soyoil and European rapeseed prices. Light selling by Canadian farmers to commercials and technical resistance added pressure on canola prices, a trader said. Most-active July canola lost $ 6,80 to settle at $ 639,40 per tonne.
CBOT soybean futures ticked lower on Wednesday on some late-session profit-taking, after spending much of the day higher on a flurry of short-covering and signs that wet weather may slow US plantings over the next week. Early in the session, soybean futures also were bolstered by a rally in the wheat market, analysts said. Funds bought 500 contracts of soybeans, but were even in soymeal and sold 3.000 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (300.000-900.000 tonnes), soymeal (100.000-450.000 tonnes) and soyoil (-5.000-20.000 tonnes). During the first three months of this year China imported 18,6 million tonnes of soybeans, versus 20,8 million tonnes in the same period last year. Crude oil fell by 55 cents to $ 82,81.
Source : Stigevo