US wheat futures settled mostly lower on Tuesday on expectations that improving rains will boost crops in the southern Plains. Euronext wheat still retreated from a two-week high as concern over disruption to Black Sea exports waned. Traders are turning their attention to a monthly USDA report due on Thursday. Analysts expect the government to raise its estimate for 2023/24 US wheat ending stocks. Funds sold 4.000 contracts. As of Saturday condition ratings for US winter wheat remained unchanged at 56 percent good to excellent, compared with 27 percent a year ago. Last week planting of US spring wheat was 3 percent complete, versus 1 percent a year ago and the five-year average of 3 percent. Argus raised its forecast for Russia’s 2024/25 wheat production to 92,1 million tonnes from 90 million, which would be the second-largest volume on record.
CBOT corn futures weakened on Tuesday on forecasts for favorable US planting weather. The pace of plantings will accelerate in the Midwest later this month, Commodity Weather Group said. Heavy rains in the Mississippi Delta over the next several days will slow seeding and cause isolated flooding, the firm said. Traders are awaiting the release of monthly global supply/demand data due from the USDA on Thursday. Analysts expect the government to lower its forecast for US 2023/24 corn ending stocks from March, according to a Reuters survey. Funds sold 3.500 contracts. As of Saturday planting of US corn was 3 percent complete, versus 3 percent in 2023 and 2 percent on an average.
ICE canola futures rose on Tuesday, supported by uncertainty about Canadian planting conditions and strength in European rapeseed prices. Canola prices have been firm of late compared with US soyoil, a commodity it usually trades closely with, as traders assess dryness issues ahead of planting on the Canadian Prairies, a trader said. Most active May canola gained $ 1 to settle at $ 639,30 per tonne.
CBOT soybean futures fell on Tuesday amid concerns about slow demand from top-importer China. The US faces stiff competition for export sales to China and global buyers from Brazil. Analysts on average expect the USDA to slightly raise its forecast for US 2023/24 soybean ending stocks from March in a monthly report on Thursday. Funds sold 3.000 contracts of soybeans, 500 contracts of soymeal and 2.000 contracts of soyoil. US exporters sold 124.000 tonnes of soybeans to unknown destinations for delivery in 2023/24. Crude oil fell by $ 1,20 to $ 85,23.
Bron: Stigevo