CBOT wheat futures closed lower on Tuesday, while Kansas City wheat advanced amid concerns about dryness hurting crops in Kansas. Large Russian wheat exports also loomed over US markets as Russia’s agriculture minister said companies avoided significant disruptions from heavy flooding. Funds sold 1.000 contracts. As of Saturday condition ratings for US winter wheat declined from 56 to 55 percent good to excellent, compared with 27 percent a year ago. In Kansas, the top US wheat state, 43 percent of the crop was rated good to excellent, down from 49 percent a week earlier. Last week planting of US spring wheat was 7 percent complete, versus 2 percent a year ago and the five-year average of 6 percent. Ukraine’s grain harvest is likely to fall to about 52 million tonnes this year from 58 million tonnes in 2023, Ukraine’s farm ministry said.
CBOT corn futures ended largely flat on Tuesday as traders assessed declining production estimates in South America and the start of US plantings. Crop consultant Michael Cordonnier said he cut his Argentine corn production estimate by 3 million tonnes to 50 million tonnes due to corn stunt disease spread by leaf hopper insects. The corn harvest in Parana state, the second largest corn producer in Brazil, will likely be cut in the next revision, according to crop agency Deral, in the face of dry weather and excessive heat. Funds sold 1.000 contracts. As of Saturday planting of US corn was 6 percent complete, versus 7 percent in 2023 and 5 percent on an average.
ICE canola futures fell on Tuesday to a nearly three-week low on weakness in soyoil and European rapeseed prices and the drop may have triggered technical selling. Most-active July canola lost $ 7,90 to settle at $ 623,50 per tonne.
CBOT soybean futures ended weaker on Tuesday after touching a one-month low as strength in the dollar weighed on grain markets. The United States continues to face competition for global soybean export sales from cheaper Brazilian supplies. Funds sold 5.000 contracts of soybeans, 1.500 contracts of soymeal and 2.500 contracts of soyoil. As of Saturday planting of US soybeans was 3 percent complete, compared with 3 percent last year and the five-year average of 1 percent. Abiove kept its forecast for Brazil’s 2024 soybean production unchanged at 153,8 million tonnes. Crude oil fell by 5 cents to $ 85,36.
Bron: Stigevo