US Wheat futures closed firmer on Friday amid spillover support from gains in the corn and soy markets. Weak export demand for US wheat capped rallies, while futures found support from dryness in southern Russia and parts of the southern US Plains. Traders also were monitoring wet conditions in western Europa, especially in France and Britain. Funds bought 1.000 contracts. In France, the state of soft wheat declined slightly for a second consecutive week to 64 percent good to excellent, the poorest in four years. A year ago 94 percent of the soft wheat crop was rated as good to excellent. As of April 9 funds were 14,9 million tonnes short in wheat futures. Technically, May wheat may test its resistance between $ 5,57 and $ 5,61.
CBOT corn futures finished stronger on technical buying and short-covering ahead of the weekend. Funds bought 3.000 contracts. China may cancel corn shipments from Europe following cancellations of Ukrainian orders to ease supply pressure on the domestic market. Ukrainian farmers have started this year’s corn sowing. The ministry said in March that 2024 corn sowing area was likely to decrease by 4,5 percent to 3,86 million hectares, from 4,04 million in 2023. As of April 9 funds were 34,2 million tonnes short in corn futures. Technically, May corn is moving witin the range $ 4,25/$ 4,37.
ICE canola futures rose on Friday, following strength in European rapeseed. July canola gained $ 10,60 and finished at $ 646,30 per tonne. On a continuous chart, however, the contract had earlier touched the lowest price for a most active contract since April 4.
CBOT soybean futures settled higher on bargain buying, a session after the market dropped to its lowest level in more than a month. Funds bought 4.500 contracts of soybeans, and 3.000 contracts of soymeal, but sold 1.000 contracts of soyoil. US exporters sold 124.000 tonnes of soybeans to unknown destinations for delivery in 2023/24. In March China’s soybean imports tumbled to their lowest level for the month in four years, as high prices and poor hog margins discouraged crushing for feed consumption. As of April 9 funds were 21,6 million tonnes short in soybeans, 1,6 million tonnes short in soyoil and 2,2 million tonnes short in soymeal. Technically, May soybeans is moving within the range $ 11,50/ $ 11,75. Crude oil rose by 64 cents to $ 85,66, with resistance around $ 87.
Bron: Stigevo