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On Thursday, September 07, 2023, wheat futures on the Chicago Board of Trade (CBOT) fell ahead of the release of the WASDE crop report. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT dropped to $220.37 per ton, December futures of hard winter wheat KCBT in Kansas City - to $270.80 per ton, December futures of hard spring wheat MGEX - to $284, 67 per ton.
Wheat futures fell on Thursday as traders await the release of crop data. The USDA will release monthly supply and demand data on September 12.
Brazilian farmers could harvest up to 323 million tonnes of grain in 2022/23, Brazil's food security agency Conab expects. Brazil's corn production is estimated at a record 131.8 million tons as the second harvest nears completion.
US soybean futures (CBOT) fell on Thursday, while corn futures rose.
November soybean futures closed down 16-3/4 cents at $13.59-1/2 a bushel on the Chicago Board of Trade. CBOT December wheat futures fell 9-1/4 cents to $5.99-3/4 a bushel, and December corn futures rose 1/2 cent to $4.86-1/4 a bushel.
The USDA will release monthly crop data on September 12, providing traders with the latest production forecast after recent heat and drought lowered the health ratings of US corn and soybeans.
Analysts on average expect the USDA to cut U.S. production and yield estimates for both crops starting in August in its World Agricultural Supply and Demand Estimates (WASDE) report.
Farmers began harvesting corn earlier than usual in the western Midwest due to hot, dry weather. Early harvesting can compromise grain quality and yield.
Chinese demand for Brazilian soybeans is a negative factor for the US market, brokerage firm CHS Hedging said. Brazil and the United States compete for export sales, and China is the world's largest importer of soybeans.
The US Department of Agriculture will publish data on weekly export sales on Friday. Analysts expect total soybean sales for the week ended Aug. 31 to be between 1.2 million and 2 million tons, up from the week before.
At the Chicago Board of Trade (CBOT) on Thursday, contracts for delivery in November and December:
wheat (DCBR 2023) - 220.37 dollars/t (21,560 rubles/t) - minus 1.52%;
corn (DCBR 2023) - 191.44 dollars/t (18,730 rubles/t) - plus 0.10%;
soybeans (NBR 2023) - 499.52 USD/t (48,870 RUB/t) - minus 1.22%;
rice November (November 2023) - 793.48 dollars/t (77,640 rub./t) - minus 2.99%;
rapeseed (ICE, Nov. 2023) - 782.90 cad/t (56,210 rub./t) - minus 1.55%.
On Thursday, the French wheat market grew. At the end of the trading day, December quotes for milling wheat on the Paris MATIF exchange rose to €238.50 per ton (in dollar equivalent - up to $255.84). November corn futures remained unchanged at €214.00 per ton (in dollar equivalent - up to $229.56).
On the Paris Exchange (MATIF) on Thursday, quotes for November and December contracts at the closing of trading were:
milling wheat (DCBR 2023) - 255.84 dollars/t (25,030 rubles/t) - plus 0.59%;
corn (NBR 2023) - $229.56/t (RUB 22,460/t) - plus 0.06%;
sunflower (Sept. on the SAFEX exchange - 9138.00 zar./t (46,430 rub./t);
sunflower oil (St. Rotterdam, bulk FOB) - 930.00 USD/t (91,000 RUB/t).
For reference, exchange rates as of 09/07/2023:
RUB 97.8439 = US dollar
1054.0789 rub. = Euro
71.8015 rub. = Canadian dollar
RUB 50.8085 = 10 South African rand
