CBOT wheat futures rose on Wednesday, with prospects for escalations in the war between Ukraine and Russia, two key grain exporters, supporting prices. Hopes for a pick-up in export demand for US supplies due to rising global prices added support. India will provide 3 million tonnes of wheat to bulk buyers such as flour millers, as part of efforts to bring down prices, which jumped to a record high on Wednesday, a government official told Reuters. Funds bought 3.500 contracts. Export sales of US wheat are estimated between 150.000 and 575.000 tonnes. Around 94 percent of Russia’s winter crops are in a good or satisfactory condition, Russia’s agriculture ministry said on Wednesday.
CBOT corn futures ended weaker on Wednesday, pressured by improving conditions of the crop in Argentina after much-needed rain. Corn futures traded in both positive and negative territory during the session. Funds sold 4.000 contracts. Export sales of US corn are estimated within the range 0,6 to 1,5 million tonnes. In week ending Jan. 20 the US ethanol production rose by 0,4 percent versus the previous week. US exporters sold 100.000 tonnes of corn to unknown destinations for 2022/23 delivery.
ICE canola futures rose on Wednesday and halted a five-day skid, as short investors took profits. Oilseed prices still see pressure from rainfall in dry parts of Argentina, however, a trader said. Most-active March canola gained $ 3,80 to settle at $ 800,50 per tonne.
CBOT soybean futures rose on Wednesday on a round of short-covering after prices hit their lowest since Jan. 10. The most-active CBOT soybean contract, which had fallen during the previous five sessions, closed near its daily high. Funds bought 5.000 contracts of soybeans and 3.000 contracts of soymeal, but sold 1.500 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (0,60-1,26 million tonnes), soymeal (150.000- 400.000 tonnes) and soyoil (0-10.000 tonnes). US exporters sold 130.000 tonnes of soybeans to unknown destinations for delivery in 2022/23. Soybean sales from Argentina’s 2021/22 harvest covered 80,6 percent of the 44 million tonne harvest as of last week, below the 82,6 percent sold from the previous season at the same time, data from its agricultural ministry showed Wednesday. Crude oil rose by 2 cents to $ 80,15.
Bron: Stigevo