CBOT wheat futures rallied on Monday to the highest in more than two months as concerns about dry conditions in the US Plains wheat belt and parts of Russia triggered technical buying and short-covering. Dry weather in southwest Russia and expanding dryness in portions of the southern Plains winter wheat belt supported wheat futures. Funds bought 8.000 contracts. Weekly export inspections of US wheat at 450.000 tonnes were in line with a range of trade expectations for 300.000 to 650.000 tonnes. Wheat export inspections for the marketing year beginning June 1 are at 16,44 million tonnes, down 8,1 percent from the same period last year. Ukraine’s grain exports had reached almost 39,5 million tonnes as of April 22, against 40,7 million at April 24 last year. Exports have included 15,1 million tonnes of wheat, 21,7 million tonnes of corn and 2,2 million tonnes of barley.
CBOT corn futures firmed on Monday as spillover support from surging wheat prices sparked short-covering and technical buying that pushed prices to three-week highs. Generally favorable US Midwest planting weather forecasts have capped gains in recent sessions. Funds bought 5.000 contracts. Weekly export inspections of US corn at 1,62 million tonnes were topping trade forecasts that ranged from 0,85 to 1,50 million tonnes. Corn export inspections for the marketing year beginning Sept. 1 are at 30,33 million tonnes, up 35,5 percent from the same period last year.
ICE canola futures jumped nearly 3 percent on Monday, surpassing the percentage gains of related commodities such as soyoil and European rapeseed. Most-active July canola gained $ 17,80 to settle at $ 640,60 per tonne.
CBOT soybean futures firmed on Monday in tandem with rising grain markets, supported by short-covering and technical buying following Friday’s drop to a seven-week low. Funds bought 5.500 contracts of soybeans, 1.000 contracts of soymeal and 3.500 contracts of soyoil. Weekly export inspections of US soybeans at 435.000 tonnes were in line with a range of trade estimates for 300.000 to 500.000 tonnes. Soybean export inspections for the marketing year beginning Sept. 1 are at 38,49 million tonnes, down 18,2 percent from the same period last year. China’s soybean imports from the United States fell by half in March from a year earlier, as buyers favor more competitive supplies from Brazil’s hefty harvest, data showed on Saturday. Crude oil fell by 29 cents to $ 82,85.
Bron: Stigevo