CBOT benchmark wheat futures fell more than 2 percent on Monday, snapping a seven-session rally as forecasts for rain in southern Russia eased fears about dry conditions in the world’s top wheat exporter. Funds sold 5.500 contracts. Kansas City wheat futures were underpinned by dryness expanding in the southern Plains wheat belt. Weekly export inspections of US wheat at 481.000 tonnes were in line with a range of trade expectations for 300.000 to 550.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 16,92 million tonnes, down 7,3 percent from the same period last year. Ukraine’s grain exports had reached 40,7 million tonnes as of April 29, compared with 41,4 million last year. Exports have included 15,6 million tonnes of wheat, 22,5 million tonnes of corn and 2,2 million tonnes of barley.
CBOT corn futures ended slightly lower on Monday as falling wheat and crude oil prices added bearish sentiment to the market. Traders are awaiting the USDA’s weekly crop progress report, which will be published later on Monday. Funds sold 500 contracts. Weekly export inspections of US corn at 1,23 million tonnes were in line with trade forecasts that ranged from 985.000 tonnes to 1,4 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 31,62 million tonnes, up 32,3 percent from the same period last year.
ICE canola futures slipped on Monday for a fourth straight session, giving up earlier gains on technical selling and weaker soyoil prices. Most-active July canola lost $ 1,40 to settle at $ 633,00 per tonne. Stratégie Grains estimated EU’s 2024 rapeseed production at 18,12 million tonnes, versus 19,91 million tonnes last year.
CBOT soybean futures rose on Monday as oilseed workers started a strike in Argentina, a top exporter of soymeal and soyoil. The oilseed workers’ union at one of Argentina’s largest ports announced a strike on Saturday to protest against proposed government reforms. The strike is expected to limit Argentine exports of soymeal and soyoil in the coming days, a boon for US soy demand. Funds bought 3.500 contracts of soybeans and 5.000 contracts of soymeal, but sold 3.000 contracts of soyoil. Weekly export inspections of US soybeans at 250.000 tonnes were towards the low end of a range of trade estimates for 185.000 to 500.000 tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 38,75 million tonnes, down 18,4 percent from the same period last year. Crude oil fell by $ 1,22 to $ 82,63.
Source : Stigevo