CBOT wheat futures fell more than 2 percent on Monday on seasonal pressure from the start of the Northern Hemisphere winter wheat harvest and as speculators paused after a short-covering bounce last week. Funds sold 5.500 contracts. Weekly export inspections of US wheat at 291.000 tonnes were towards the low end of a range of trade expectations for 250.000 to 600.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 168.084 tonnes, down 43,5 percent from the same period last year. Sovecon raised its forecast for Russia’s 2025 wheat harvest by 1,8 million tonnes to 82,8 million tonnes, citing good weather in southern regions.
CBOT corn futures declined more than 2 percent on Monday on favorable US growing conditions and uncertainty about export demand. A ‘mild/showery’ pattern was forecast for the US Midwest, the Commodity Weather Group said in a client note, bolstering crop prospects. Market players were monitoring talks in London between the United States and China aimed at cooling a trade dispute between the world’s two largest economies. Funds sold 14.500 contracts. Weekly export inspections of US corn at 1,66 million tonnes were topping trade forecasts that ranged from 1 to 1,6 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 50,30 million tonnes, up 28,5 percent from the same period last year.
ICE canola futures were little moved on Monday as competing vegoils sent conflicting signals. In recent sessions the old crop/new crop spread is at the tightest it has been since early April. Traders said worries about dryness in many parts of Western Canada challenge hopes for a big Canadian canola crop. Most-traded July canola gave up 80 cents to settle at $ 710,00 per tonne.
CBOT soybean futures closed lower on Monday on favorable US weather and expectations of an improvement in weekly crop condition ratings. However, the nearby July contract drew underlying support from optimism over US China trade talks being held in London. Funds sold 2.500 contracts of soybeans and 1.500 contracts of soyoil, but bought 500 contracts of soymeal. Weekly export inspections of US soybeans at 547.000 tonnes were above a range of trade expectations for 155.000 to 400.000 tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 45,19 million tonnes, up 11,5 percent from the same period last year. Crude oil rose by 71 cents to $ 65,29.
Bron: Stigevo