CBOT wheat futures tumbled on Monday on a firmer dollar, technical pressure and follow-through selling after the USDA raised its global supply outlook in a monthly report on Friday. Wheat futures fell despite uncertainty around Black Sea supplies after Russia set a price floor for exports and as Moscow’s attacks on Ukrainian ports have pushed up shipping insurance costs. Russian wheat export prices rose last week in anticipation of tighter supplies amid an increase in the export pace, strong demand from major importers and a smaller crop. Weekend showers brought relief to the parched wheat and corn crops in the north of Argentina’s agricultural heartland, the Rosario grains exchange said on Monday, after weeks in need of rain. APK-Inform lowered its Ukraine 2024/25 grain export forecast to 37,2 million tonnes from 39,1 million tonnes, mostly due to a smaller-than-expected corn harvest and exports. Funds sold 6.000 contracts.
CBOT corn futures fell on Monday on pressure from ample supplies amid active harvesting in the United States and soil-moisture-boosting rains in Brazil, where farmers are preparing to plant their next crop. Dry weather across most of the US Midwest allowed farmers to continue harvesting what the USDA says will be the second-largest crop on record. Rainy weather in Brazil and forecasts for more over the next 10 days, replenished soil moisture as farmers are looking to accelerate plantings. Dry weather had delayed the start of planting earlier this month. APK-inform lowered Ukraine’s corn export outlook by 2,5 million to 20 million tonnes as the corn harvest was expected to fall to 24 million tonnes from 26,8 million. Funds sold 17.500 contracts.
ICE canola futures were closed on Monday in observance of Canada’s Thanksgiving holiday.
CBOT soybean futures declined on Monday after the USDA projected a record US crop and as rains replenished dry soils in Brazil, where farmers are beginning to plant what could be another record crop. Dry weather across most of the US Midwest allowed farmers to continue harvesting what the USDA says will be the largest crop on record. Brazil’s soybean planting for the 2024/25 season as of Thursday reached 8,2 percent of the total expected area, AgRural said on Monday, up from 4,5 percent the week before but still well below last year’s 17 percent. Funds sold 8.500 contracts of soybeans and 6.500 contracts of soyoil, but bought 4.000 contracts of soymeal. The National Oilseed Processors Association (NOPA) is due to release its September soy crush and soyoil stocks report on Tuesday. Crude oil declined by $ 1,73 to $ 73,83.
Bron: Stigevo