CBOT wheat futures ended lower on Wednesday on profit-taking after the March contract set a two-week high and on spillover weakness from corn and soy futures. Traders await fresh direction amid a lack of market-moving fundamental news. Funds sold 5.500 contracts. FranceAgriMer raised its forecast of 2022/23 French soft wheat exports outside the European Union to 10,6 million tonnes, from 10,3 million previously, citing strong demand from North Africa. Algeria’s state grains agency OAIC is believed to have bought around 570.000 to 600.000 tonnes of milling wheat in an international tender which closed on Tuesday, European traders said. Technically, supplies are optional origin, but traders said they expected a range of source countries including Russia, the EU Black Sea and EU Baltic regions plus France.
CBOT corn futures ended down on Wednesday as traders booked profits after the March contract hit its highest in more than two months and as weather forecasts promised much-needed rains in Argentina’s crop belt. Weather forecasts added rains in outlooks for next week in Argentina’s drought-hit crop belt. Beneficial moisture should help boost production prospects in one of the world’s top corn exporters. Funds sold 3.500 contracts. The US Energy Information Administration’s (EIA) weekly petroleum stocks and output data, including production of corn-based ethanol, is delayed until Thursday due to Monday’s federal holiday.
ICE canola futures fell on Wednesday to a one-week low, dragged down by slumping rapeseed prices. Canola’s losses were limited by stronger soyoil prices and a weaker Canadian dollar, a trader said. Most-active March canola lost $ 5,20 to settle at $ 836,70 per tonne.
CBOT soybean futures closed lower on Wednesday as traders booked profits after the March contract set a six month high and as weather forecasts promised much-needed rains in Argentina’s crop belt. India’s soymeal exports could more than double in the 2022/23 marketing year as drought in Argentina lifted global prices, prompting buyers to seek cheaper origins, industry officials said. Funds sold 5.000 contracts of soybeans and 2.500 contracts of soymeal, but bought 2.000 contracts of soyoil. Crude oil declined by 70 cents to $ 79,48.Bron: Stigevo