CBOT wheat futures closed mostly higher on Thursday as Kansas City wheat futures rose on concerns about dry weather stressing crops in portions of the US Plains. Rallies were capped by sluggish export demand for US wheat given ample supplies of grain originating from the Black Sea region. Funds bought 500 contracts. Weekly export sales of US wheat at minus 93.600 tonnes were near the low end of a range of trade expectations for minus 100.000 to 200.000 tonnes. The International Grains Council (IGC) on Thursday trimmed its 2024/25 world wheat crop outlook by 1 million to 798 million tonnes, although the projection was still above the prior season’s 789 million tonnes.
CBOT corn futures closed lower on Thursday for a fourth straight session, with the most-active July contract hitting a six-week low on lackluster demand and outlooks for generally favorable US planting weather. Strength in the US dollar and spillover weakness from soybeans added to bearish sentiment. Worries about a corn disease in Argentina underpinned the market. Funds sold 2.500 contracts. Weekly export sales of US corn at 501.200 tonnes were in line with trade forecasts that ranged from 0,3 to 0,9 million tonnes. The IGC cut its forecast for 2024/25 global corn production by 7 million to 1.226 million tonnes, up from the prior season’s 1.223 million tonnes.
ICE canola futures dipped on Thursday, weighed down by losses for soybeans and soyoil. Most-active July canola lost $ 1,50 to settle at $ 622,30 per tonne.
CBOT soybean futures closed lower on Thursday with most-active July contract hitting its lowest in seven weeks, pressured by farmer soy sales in Brazil and outlooks for generally favorable US planting weather. Funds sold 5.000 contracts of soybeans, 1.000 contracts of soymeal and 3.500 contracts of soyoil. Weekly export sales of US soybeans at 485.800 tonnes were in line with trade expectations for 300.000 to 650.000 tonnes. US exporters sold 138.000 tonnes of soymeal to the Philippines for delivery in 2023/24. Argentina’s 2023/24 soybean production is forecast at 49,7 million tonnes, the government said on Thursday, reporting its first official estimate for the season’s harvest. The IGC kept its 2024/25 world soybean crop outlook unchanged at 413 million tonnes, up 23 million tonnes from the prior season. Crude oil rose by 4 cents to $ 82,73.
Bron: Stigevo