US wheat futures rallied on Tuesday on concerns that rising political tensions between Russia and Ukraine could disrupt shipments from those key export countries. Worries about a cold snap across the central United States damaging the dormant crop in dry areas of that region added to the bullish sentiment. Funds bought 15.500 contracts. Weekly export inspections of US wheat at 369.000 tonnes were towards the high end of a range of trade expectations for 200.000 to 400.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 12,8 million tonnes, down 17,8 percent from the same period last year. Turkey’s state grain board TMO provisionally purchased some 335.000 tonnes of wheat in an international tender.
CBOT corn futures firmed on Tuesday, recovering from early weakness on spillover strength from a rally in the wheat market. Signs of good export demand for US supplies also were supportive. But the gains were kept in check by rain in drought-stressed areas of South America that boosted crop prospects in that region. Funds bought 1.000 contracts. Weekly export inspections of US corn at 1,2 million tonnes were at the high end of trade forecasts that ranged from 0,8 to 1,2 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 15,3 million tonnes, down 12,6 percent from the same period last year. US exporters sold 126.000 tonnes of sorghum to unknown destinations for delivery in 2021/22. Algerian state agency OAIC is believed to have purchased about 120.000 tonnes of animal feed barley to be sourced from optional origins in a tender.
ICE canola futures dropped on Tuesday to a seven-week low, pressured by technical selling and weakness in European rapeseed prices. Most-active March canola fell $ 11,20 to $ 964,00 per tonne.
CBOT soybean futures fell for the third session in a row on Tuesday after heavy rain in Argentina provided much needed relief to parched crops in that key export country. Losses were kept in check by signs of good demand on both the domestic and export fronts. US soybean processors crushed a bigger-than-expected 186,4 million bushels of soybeans in December, the NOPA said. Funds sold 6.500 contracts of soybeans and 9.000 contracts of soymeal, but bought 2.000 contracts of soyoil. Weekly export inspections of US soybeans at 1,72 million tonnes were topping the high end of trade expectations for 0,60 to 1,375 million tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 33,4 million tonnes, down 23,0 percent from the same period last year. US exporters sold 239.486 tonnes of soybeans to Mexico for 2021/22 delivery. Crude oil rose by $ 1,61 to $ 85,43.Bron: Stigevo