CBOT wheat futures hit their highest in more than two months on Wednesday on fears of an escalation in the Ukraine war that has disrupted crucial Black Sea grain exports, but the market pared gains as fears of a global recession lifted the dollar and pressured the wider commodities sector. Wheat futures rose after President Vladimir Putin ordered a Russian mobilization to fight in Ukraine and backed a plan to annex parts of the country, hinting he was prepared to use nuclear weapons. A stronger dollar hung over the market, making US grains less competitive globally. Funds bought 3.000 contracts. Export sales of US wheat are estimated between 200.000 and 500.000 tonnes. Ukraine’s winter wheat plantings for harvest in 2023 could total around 3,4 million hectares, 10,5 percent less than the agriculture minister expected in late August, a report of Barva Invest consultancy showed.
CBOT corn futures ended lower on Wednesday, retreating from early advances as a strong dollar and worries of a global recession overshadowed fears of an escalation in the Ukraine war that has disrupted crucial Black Sea grain exports. Seasonal pressure was noted from the start of the US corn harvest. The USDA said the corn harvest was 7 percent complete as of Saturday. Funds sold 4.000 contracts. Export sales of US corn are estimated within the range 400.000 to 850.000 tonnes. In week ending Sept. 16 the US ethanol production fell by 6,44 percent versus the previous week.
ICE canola futures rallied on Wednesday, supported by signs of strong export demand. A weakening Canadian dollar make canola a relatively cheap source of protein for overseas buyers, particularly when compared to US soybeans, a trader said. Most-active November canola jumped $ 16,60 to settle at $ 802,20 per tonne.
CBOT soybean futures closed lower Wednesday on worries about the health of the global economy along with seasonal pressure from the start of the US harvest. The USDA said the soybean harvest was 3 percent complete as of Saturday. A retreat in crude oil futures added pressure. Funds sold 6.000 contracts of soybeans and 2.000 contracts of soyoil, but were even in soymeal. Export sales of the US soy complex are estimated as follows: soybeans (0,5-1,0 million tonnes), soymeal (75.000-350.000 tonnes) and soyoil (0-32.000 tonnes). Crude oil declined by $ 1,00 to $ 82,94.Bron: Stigevo