CBOT wheat futures fell on Tuesday on growing concern over a possible US rail strike and speculation that European Union wheat was being sold in the United States. French wheat sales to China and the prospect of Polish or German wheat being booked in the United States are part of an unexpected wave of demand for EU supplies after exports had been curbed by Russian competition in recent weeks. Early in the session, US wheat futures had traded higher at times as dry weather threatened US winter crop areas. But one trader, who spoke on condition of anonymity, said wheat prices turned downward after traders noted talk of a US mill in Florida importing European wheat. Funds sold 3.000 contracts. As of Saturday condition ratings for US winter wheat remained unchanged at 32 percent good to excellent, versus 44 percent last year. Till Nov. 20 the EU exported 13,63 million tonnes of common wheat, versus 13,09 million tonnes at the same date last year.
CBOT corn futures ended lower on Tuesday, pressured by a drop in the wheat market and worries about a potential rail strike. In the event Brazilian farmers harvest a full corn crop in 2023, exports of the agricultural commodity could reach up to 50 million tonnes next year, with a new trade protocol with China helping to bolster sales, a trade group said on Tuesday. Funds sold 3.000 contracts. As of Saturday harvesting of US corn was 96 percent complete, versus 94 percent in 2021 and the five-year average of 90 percent. Till Nov. 20 the EU imported 11,54 million tonnes of corn and exported 2,74 million tonnes of barley, versus resp. 5,09 and 4,60 million tonnes at the same date a year earlier.
ICE canola futures fell on Tuesday for a fifth straight day, weighed down by technical selling, with prices tumbling below key levels. Concerns about potential reduced Chinese demand also weighed on prices. Most-active January canola lost $ 9,70 to settle at $ 835,10 per tonne. Till Nov. 20 the EU imported 2,85 million tonnes of rapeseed, compared with 2,0 million tonnes at the same date last year.
CBOT soybean futures eased on Tuesday, amid growing concern over a possible US rail strike and ongoing worries that tightened COVID-19 rules in China could impact demand for commodities. Funds sold 1.500 contracts of soybeans and 1.500 contracts of soymeal, but bought 3.000 contracts of soyoil. Till Nov. 20 the EU imported 4,16 million tonnes of soybeans, versus 4,85 million tonnes at the same date a year earlier. Crude oil rose by 91 cents to $ 80,95.
Bron: Stigevo