World grain market: futures for corn, soybeans and wheat fell on Friday

On Friday, June 23, 2023, US wheat prices declined. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $274.29 per ton, September futures of hard winter wheat KCBT in Kansas City - up to $316.63 per ton, September futures of hard spring wheat MGEX - up to $321, 04 per ton.

Chicago Mercantile Exchange corn and soybean futures fell to a weekly low on Friday, under pressure from favorable rain forecasts for the US Midwest. Weather forecasts point to heavy rains in parts of the Midwest next week, which analysts say could improve crop conditions ahead of key development milestones.

Wheat futures also declined as traders took profits from a rally that pushed prices higher for five consecutive weeks. Signs of weak demand, highlighted by weak export data and cash market weakness, added to the bearish grain market on Friday.

December CBOT corn fell 32-3/4 cents at $5.88 a bushel, while November CBOT soybeans fell 29-1/2 cents at $13.10 a bushel.

“Dry conditions so far have not had a… irreversible impact on corn and soybean yields. Everything will depend on how the weather changes in the next three weeks,” said the consulting company Agritel.

September CBOT soft red winter wheat futures fell 6-1/2 cents to $7.46-1/2 a bushel.

The USDA on Friday said weekly corn export sales were just 83,100 metric tons, close to the low end of market estimates that ranged from zero to 800,000 metric tons. Export sales of wheat were 123,900 metric tons and export sales of soybeans were 626,300 metric tons. This compares with trading expectations of 100,000 to 400,000 MT for wheat and 100,000 to 900,000 MT for soybeans.

On the cash market, spot corn and soybean orders from processors and elevators fell this week as a surge in large sales by farmers met demand at grain terminals in the Midwest.

On the Chicago Mercantile Exchange (CBOT) on Friday, contracts for delivery in September, November, December:

wheat (September 2023) - 274.29 dollars / t (22930 rubles / t) - minus 0.83%;
corn (DKBR 2023) - $231.50/t (19360 RUB/t) - minus 5.28%;
soybeans (nbr 2023) - 481.33 USD/t (40240 RUB/t) - minus 2.20%;
rice raw (September 2023) - 769.97 USD/t (64380 RUB/t) - plus 0.10%;
rapeseed (ICE, Nov 2023) - 705.10 cad/t (44,720 RUB/t) - minus 1.40%.

On Friday, the French grain market fell. As a result of the trading day, the September quotations of milling wheat on the Parisian MATIF exchange fell to €247.00 per ton (in dollar terms to $269.30). November corn futures fell to €243.25 per ton (in dollar terms to $265.22).

On the Paris Stock Exchange (MATIF) on Friday, the quotes of the August, September contracts at the close of trading amounted to:

milling wheat (Sept. 2023) - 269.30 USD/t (22520 RUB/t) - minus 2.08%;
corn (NBR 2023) - $265.22/t (22,170 RUB/t) - minus 1.71%;
sunflower (July on the SAFEX exchange - 8581 zar. / t (39130 rubles / t) - plus 0.30%;
sunflower oil. (June, OTC index NTB SOEXP) - 851.96 dollars per ton (71,230 rubles per ton) - plus 2.4754%.