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Commentaar over de markt (Chicago) van: 04-mei-2021

CBOT wheat futures jumped on Tuesday on spillover support from a surge to eight-year highs in the neighboring corn market. Euronext wheat also rose, as the wheat markets recouped losses from Monday as deteriorating corn harvest prospects in Brazil drove CBOT corn futures higher. Funds bought 5.500 contracts. As of Saturday condition ratings for US winter wheat declined from 49 to 48 percent good to excellent, compared with 55 percent a year ago. Planting of US spring wheat was 49 percent complete, versus 27 percent a year ago and the five-year average of 32 percent. Argentina’s 2021/22 wheat crop is expected at 19 million tonnes, equal to the country’s record-setting harvest in the 2018/19 season, the Buenos Aires Grains Exchange said in a preliminary forecast on Tuesday.

CBOT corn futures ended sharply higher on Tuesday after the most-active contract exceeded $ 7 a bushel for the first time since 2013. So far, high prices have done little to curb US demand for corn to feed livestock or produce ethanol. CBOT corn is supported by persistent fears that global supplies will remain tight until the autumn US harvest. US farmers are not rushing to sell crops from previous harvests as they actively plant corn across the Midwest. Traders continue to focus on unfavorable dryness in Brazil, with some expecting that crop losses could shift more export demand to the United States. Funds bought 22.500 contracts. Last week planting of US corn was 46 percent complete, versus 48 percent in 2020 and 36 percent on an average. Consumption of US corn for ethanol rose to 420 million bushels in March, up from 334 million in February and 412 million bushels in March 2020.

Winnipeg July canola futures rose by $ 30 (the daily limit) to $ 894 on Tuesday, driven by concerns about tight Canadian supplies. The market looks to remain volatile as supplies dwindle until the autumn harvest, a broker said.

CBOT soybean futures ended firmer on Tuesday on spillover buying from a surging corn market and concerns about tight crop supplies. Funds bought 9.000 contracts of soybeans, 4.000 contracts of soymeal and 3.000 contracts of soyoil. As of Saturday planting of US soybeans was 24 percent complete, versus 21 percent last year and 11 percent on an average. During March US crushers processed 188 million bushels of soybeans, versus 164 million bushels in February and 192 million bushels in March 2020. The March US soybean crush was expected at 188,4 million bushels. During March US soymeal stocks decreased from 584.000 to 448.000 tons and stocks of US soyoil from 2.306 to 2.245 million pounds. Crude oil rose by $ 1,20 to $ 65,69.

Bron: Stigevo