CBOT wheat futures fell further on Tuesday after recovering somewhat from life-of-contract lows the previous day, pressured by the advance of the Northern Hemisphere winter wheat harvest and cheap Russian wheat supply. Funds were even. As of Saturday condition ratings for US spring wheat improved from 75 to 77 percent good to excellent, compared with 51 percent a year ago. Harvesting of US winter wheat was 71 percent complete, compared with 53 percent last year and 62 percent on average. Till July 14 the EU exported 788.000 tonnes of common wheat, versus 1,5 million tonnes by July 16 last year. Egypt bought 770.000 tonnes of wheat in an international tender.
CBOT corn futures gained ground on Tuesday after several contract months set life-of-contract lows a day earlier as traders went bargain-shopping and crop estimates fell in some parts of the world. Funds bought 5.000 contracts. As of Saturday condition ratings for US corn remained unchanged at 68 percent good to excellent, compared with 57 percent a year ago. Till July 14 the EU imported 904.000 tonnes of corn and exported 410.000 tonnes of barley, versus resp. 745.000 and 703.000 tonnes as of July 16, 2023. Ukraine’s 2024 corn yield could fall by 30-35 percent because of extreme heat and drought.
ICE canola futures ended higher on Tuesday on short-covering and an uptick in soyoil prices following the previous session’s decline. Most-active November canola gained $ 5,70 to settle at $ 621,20 per tonne. Till July 14 the EU imported 66.000 tonnes of rapeseed, versus 37.000 tonnes by July 16 last year.
CBOT soybean futures recovered on Tuesday, a day after falling to their lowest levels in nearly four years, on bargain-buying after strong US crop production prospects. Funds bought 3.000 contracts of soybeans, 1.500 contracts of soymeal and 500 contracts of soyoil. As of Saturday condition ratings for US soybeans remained unchanged at 68 percent good to excellent, versus 55 percent a year ago. The National Oilseed Processors Association (NOPA) said on Monday its members crushed 175,6 million bushels of soybeans in June, down 4,4 percent from NOPA’s May crush figure and below most analysts’ expectations. Till July 14 the EU imported 349.000 tonnes of soybeans and 597.000 tonnes of soymeal, versus resp. 552.000 and 783.000 tonnes as of July 16, 2023. Crude oil fell by $ 1,15 to $ 80,76.
Bron: Stigevo