CBOT wheat futures rose on technical buying and signs of global export demand while traders continued to monitor prospects for the renewal of a grain export corridor from war-torn Ukraine before a deadline next weekend. Funds bought 1.500 contracts. Weekly export inspections of US wheat at 76.000 tonnes were below a range of trade expectations for 100.000 to 500.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 9,9 million tonnes, down 4,0 percent from the same period last year. As of Nov. 10, Russia has harvested 105 million tonnes of wheat with an average yield of 3,59 tonnes per hectare, compared with resp. 78,1 million tonnes and 2,81 tonnes per hectare as of the same date in 2021, according to Sovecon. As of Nov. 8 funds were 8 million tonnes short in wheat. Saudi Arabia’s SAGO bought about 1 million tonnes of wheat for April/June 2023 shipment.
CBOT corn futures ended lower on Monday on spillover pressure from crude oil and uncertainty about export demand for US supplies. US crude oil sagged more than $ 3 a barrel as surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Funds sold 2.500 contracts. Weekly export inspections of US corn at 484.000 tonnes were towards the high end of trade forecasts that ranged from 200.000 to 500.000 tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 4,9 million tonnes, down 29,5 percent from the same period last year. As of Nov. 10, Russia has harvested 24,4 million tonnes of barley with an average yield of 3,09 tonnes per hectare, versus resp. 18,8 million tonnes and 2,39 tonnes per hectare as of the same date in 2021, according to Sovecon. As of Nov. 8 funds were 19,5 million tonnes long in corn.
ICE canola futures finished mixed on Monday, extending a recent pattern of choppy trade. Most-active January canola gained $ 1,70 to settle at $ 884,90 per tonne.
CBOT soybean futures fell on Monday on spillover pressure from crude oil along with uncertainty about export demand for US supplies of the oilseed. Rains in Argentina’s farm belt over the weekend will allow farmers to speed up the delayed planting of soybeans. Funds sold 3.500 contracts of soybeans, 1.000 soymeal and 4.000 contracts of soyoil. Weekly export inspections of US soybeans at 1,86 million tonnes were below a range of trade expectations for 2 to 2,65 million tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 14,7 million tonnes, down 11,6 percent from the same period last year. As of Nov. 8 funds were 7,6 million tonnes long in soybeans, 8,7 million tonnes long in soymeal and 1,7 million tonnes long in soyoil. Crude oil fell by $ 3,09 to $ 85,87.
Bron: Stigevo