CBOT wheat futures settled mixed on Wednesday, with the spot March contract inching higher while back months were pressured by ample global wheat supplies and strong competition for export business. Euronext wheat futures eased after a day-earlier rebound stalled, and as hefty export supplies continued to weigh on the market. Funds sold 1.000 contracts.
CBOT corn futures fell nearly 2 percent on Wednesday, inching closer to the $ 4-per-bushel mark as plentiful domestic grain supplies and strong South American crop prospects weighed on sentiment. Funds sold 7.000 contracts. Expected rainfall over the next few days in Argentina’s Pampas region will likely boost the 2023/24 corn and soybean crops, the Buenos Aires grains exchange said in a report on Wednesday. However, after the CBOT close, Argentina’s Rosario grains exchange cut its forecast for the country’s 2023/24 corn harvest by 2 million to 57 million tonnes.
ICE canola futures slid on Wednesday, weighed down by weaker US grains and soy markets, ending a two-day winning streak. Short-covering of past sessions dried up and Canadian farmers may be accelerating sales to commercial buyers, pressuring prices, a trader said. Most-active May canola lost $ 9,30 to settle at $ 584,10 per tonne.
CBOT soybean futures closed lower on Wednesday, retreating after a two-session rally as corn futures sagged and traders worried about demand, even as analysts debated the size of South American crops. Funds sold 8.000 contracts of soybeans, 4.000 contracts of soymeal and 2.500 contracts of soyoil. Brazil’s 2023/24 soybean crop estimate has been reduced to 152,2 million tonnes from a previous 153,8 million tonnes, Agroconsult said on Tuesday, as it continues to survey fields nationwide. Brazil’s 2023/24 soybean harvest had reached 32 percent of the planted area as of last Thursday, AgRural said on Monday, up 9 percentage points from the previous week and above the 25 percent seen at the same time a year earlier. Argentina’s Rosario grains exchange cut its estimate for the country’s 2023/24 soybean crop by 2,5 million to 49,5 million tonnes. Crude oil rose by 87 cents to $ 77,91.Bron: Stigevo