US wheat futures fell sharply on Wednesday following a report about efforts by the United Nations to restore Ukraine grain shipments and as forecasts of ample Russian supplies added to the impact on sentiment of expectations high prices will curb demand. Crop scouts on the first day of an annual three-day wheat tour of Kansas projected an average yield for hard red winter wheat in the northern portion of the drought-hit state at 39,5 bushels per acre (bpa), down from 59,2 bpa in 2021. Funds sold 15.000 contracts. Export sales of US wheat are estimated between zero and 400.000 tonnes. Russia’s 2022 wheat crop is estimated between 85 million tonnes (IKAR) and 88,6 million tonnes (Sovecon), compared with 76 million tonnes last year.
CBOT corn futures slipped on Wednesday, following wheat futures lower and investors hunted for profits. Concern is beginning to bubble up within the market that dry soils across the South and parts of the Great Plains are extending into the Western Corn Belt. Funds sold 20.500 contracts. Export sales of US corn are estimated within the range 0,65 to 1,35 million tonnes. In week ending May 13 the US ethanol production remained unchanged versus the previous week. Brazil’s second corn crop is expected to reach 87,6 million tonnes in the 2021/22 cycle, down from a previous 92,2 million-tonne forecast, a pre-crop tour estimate from Agroconsult showed on Wednesday. Taiwan’s MFIG purchasing group bought about 55.000 tonnes of animal feed corn to expected to be sourced from South Africa in an international tender which closed on Wednesday.
ICE canola futures fell sharply on Wednesday, caught up in a broad commodity market sell-off as investors shed risky assets following recent rallies. Most-active July canola ended $ 37,90 lower at $ 1.152,10 per tonne.
CBOT soybean futures slid on Wednesday on profit-taking and broader pressures felt across the grain markets in the wake of a report about the United Nations’ efforts to restore Ukraine grain shipments. Funds sold 8.000 contracts of soybeans and 6.500 contracts of soyoil, but bought 1.500 contracts of soymeal. Export sales of the US soy complex are estimated as follows: soybeans (0,2-1,1 million tonnes), soymeal (100.000-400.000 tonnes) and soyoil (0-20.000 tonnes). US exporters sold 229.200 tonnes of soybeans to unknown destinations, including 10.200 tonnes for delivery in 2021/22 and the rest for 2022/23 delivery. Crude oil fell by $ 2,81 to $ 109,59.Bron: Stigevo