US wheat futures settled higher on Wednesday, with Kansas City wheat setting a two-week high amid concerns about dry weather threatening crops in the southern Plains. Dryness will stress crops in one-third of the Plains wheat belt, including Kansas and eastern Colorado, over the next two weeks, Commodity Weather Group said. Traders said concerns about the conflict in Ukraine and dry weather risks to Black Sea crops also supported futures, helping CBOT wheat avoid losses amid a drag from strength in the dollar. Funds bought 500 contracts. Export sales of US wheat are estimated between minus 100.000 and 250.000 tonnes. Ukraine’s grain exports have fallen to around 37,1 million tonnes as of April 10, from 38,8 million a year earlier. Exports have included 14,5 million tonnes of wheat, 20,1 million tonnes of corn and 2,1 million tonnes of barley.
CBOT corn futures finished higher on Wednesday as traders adjusted positions before the USDA issues monthly crop data on Thursday. Traders are monitoring conditions for US corn plantings that are expected to accelerate in the coming weeks. There will be “limited Midwest seeding interruptions” later this month, after some rain delays this week, Commodity Weather Group said. Funds bought 2.000 contracts. In week ending April 5 the US ethanol production fell by 1,6 percent versus the previous week. Export sales of US corn are estimated within the range 0,75 to 1,30 million tonnes.
ICE canola futures dipped on Wednesday with the spot contract hemmed in by technical barriers. Most-active May canola gave up 50 cents to settle at $ 638,80 per tonne.
CBOT soybean futures closed weaker on Wednesday after setting a one-month low as traders awaited the release of US and Brazilian crop data on Thursday. Brazilian agency Conab will also update its crop estimates. Funds sold 4.500 contracts of soybeans and 3.500 contracts of soymeal, but bought 1.000 contracts of soyoil. Export sales of the US soy complex are estimated as follows: soybeans (200.000-600.000 tonnes), soymeal (150.000-350.000 tonnes) and soyoil (-5.000-10.000 tonnes). US exporters sold 254.000 tonnes of soybeans to unknown destinations for 2024/25 delivery. Crude oil rose by 98 cents to $ 86,21.
Bron: Stigevo