CBOT wheat futures rose on Thursday, ending the day higher for the first time this week, amid ongoing market concerns over weather risks in Russia and the US Plains. But market participants said the reaction to weather and war risks in the Black Sea region was being tempered by favorable early development of Russian crops and large exports. Funds bought 3.500 contracts. Weekly export sales of US wheat at 386.600 tonnes were in line with trade expectations for 100.000 to 700.000 tonnes. Ukrainian exports of agricultural commodities wheat and corn are likely to fall by nearly a quarter in the upcoming 2024/25 season following a smaller harvest as a result of war, the first deputy agriculture minister told Reuters on Thursday.
CBOT corn futures turned higher on Thursday with severe flooding affecting corn and soy producing areas of Brazil. Torrential rains in Brazil’s southernmost state of Rio Grande do Sul are disrupting the final stages of corn and soy harvesting. Funds bought 6.500 contracts. Weekly export sales of US corn were, with 792.200 tonnes, in line with trade forecasts that ranged from 650.000 tonnes to 1,6 million tonnes. Argentina’s Buenos Aires grains exchange slashed its estimate for the 2023/24 corn harvest on Thursday, citing the effects of a damaging leafhopper insect plague and poor weather. The exchange cut its forecast for the corn crop to 46,5 million tonnes, down from the 49,5 million tonnes previously estimated, which was already down sharply from initial estimate.
ICE canola futures climbed on Thursday for a second straight day, reflecting the strength of oilseed rival soybeans. Most-active July canola gained $ 11,20 to settle at $ 636,90 per tonne.
CBOT soybean futures rose on Thursday, as severe flooding in southern Brazil put unharvested soybeans at risk. The final stages of the soybean harvest in southern Brazil is being disrupted, with 34 percent of the soybean crop in Rio Grande do Sul yet to be harvested, according to state crop agency Emater. Funds bought 12.000 contracts of soybeans and 7.000 contracts of soymeal, but were even in soyoil. Weekly export sales of US soybeans at 421.000 tonnes were in line with trade estimates for 100.000 to 900.000 tonnes. Export sales of soymeal (134.400 tonnes) were below trade forecasts that ranged from 150.000 to 400.000 tonnes, and soyoil sales (7.200 tonnes) were within the expected range for minus 5.000 to 10.000 tonnes. Crude oil fell by 5 cents to $ 78,95.
Bron: Stigevo