Wheat and corn prices fell, soybean prices rose sharply on Tuesday

On Tuesday, October 24, 2023, wheat futures on the Chicago Board of Trade (CBOT) declined. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $213.29 per ton, December futures of hard winter wheat KCBT in Kansas City - to $243.61 per ton, December futures of hard spring wheat MGEX - to $267, 58 per ton.

Corn futures on the Chicago Board of Trade fell for a third straight session on Tuesday and neared a two-week low, weighed down by the U.S. crop and technical sales. Wheat futures also fell, while soybean and soybean meal prices jumped.

The strong pace of the U.S. corn and soybean harvest will continue until a wave of heavy rain is forecast to hit the Corn Belt this week.

By Sunday, farmers had harvested 76% of the soybean crop and 59% of the corn crop, the USDA reported Monday. The figures, roughly in line with trade expectations, were ahead of the five-year average pace for each crop.

December corn futures closed down 6-1/4 cents at $4.84 a bushel, their lowest price since Oct. 12. Brokers said technical sales were putting pressure on prices. December CBOT wheat futures fell 6-3/4 cents to $5.80-1/2 a bushel, setting their lowest price since Oct. 18.

November soybeans rose 8-1/2 cents to $12.95-1/4 a bushel. Rising soybean meal prices to March highs contributed to rising soybean prices.

Traders are looking to the US Department of Agriculture to confirm U.S. soybean export sales in the coming days after it was reported that a Chinese delegation of commodity importers signed agreements to buy billions of dollars worth of agricultural products.

At the Chicago Board of Trade (CBOT) on Tuesday, contracts for delivery in November and December:

wheat (DCBR 2023) - 213.29 dollars/t (20,200 rubles/t) - minus 1.15%;
corn (DCBR 2023) - 190.55 dollars/t (18,050 rubles/t) - minus 1.27%;
soybeans (NBR 2023) - 475.91 USD/t (45,070 RUB/t) - plus 0.66%;
rice November (November 2023) - 789.56 dollars/t (74,780 rub./t) - plus 0.12%;
rapeseed (ICE, Nov. 2023) - 677.50 cad/t (46,850 rub./t) - minus 0.34%.

On Tuesday, the French grain market declined. At the end of the trading day, December quotes for milling wheat on the Paris MATIF exchange dropped to €234.50 per ton (in dollar equivalent - to $250.16). November corn quotes are up to €203.50 per ton (in dollar equivalent - up to $217.09).

On the Paris Exchange (MATIF) on Tuesday, quotes for November and December contracts at the closing of trading were:

flour milling wheat (DCBR 2023) - 250.16 dollars/t (23,690 rubles/t) - minus 0.67%;
corn (NBR 2023) - $217.09/t (RUB 20,560/t) - minus 0.15%;
sunflower (Oct. on the SAFEX exchange - 8840.00 zar./t (43880 rub./t) plus 1.61%;
sunflower oil (Oct. Rotterdam, bulk FOB) - $935.00/t (RUB 88,550/t) plus 0.54%.

For reference, exchange rates as of 10/24/2023:
94.7081 rub. = US dollar
100.3030 rub. = Euro
RUB 69.1552 = Canadian dollar
RUB 49.6355 = 10 South African rand