Wheat and soybean futures rose in Chicago on Thursday amid US export demand.

On Thursday, December 14, 2023, wheat futures on the Chicago Board of Trade (CBOT) rose. At the end of the trading day, March soft winter wheat quotes on the Chicago Mercantile Exchange CBOT rose to $226.25 per ton, March hard winter wheat KCBT futures in Kansas City - up to $233.87 per ton, March hard spring wheat futures MGEX in Minneapolis - up to $263.54 per ton.

CBOT wheat futures rose on Thursday, while corn futures dipped slightly. Chicago Board of Trade soybean futures rose Thursday on strong U.S. export demand and a weaker dollar.

Traders also continue to monitor the weather in South America as crop losses in South America could boost US soybean export sales as Brazil and the US compete for business in the global market.

March CBOT soybean futures rose 6-1/2 cents to close at $13.14 a bushel.

The dollar fell for the second day in a row, making American agricultural products more attractive to importers.

The USDA said in its daily reporting system that exporters sold 400,000 tons of U.S. soybeans to undisclosed destinations. This was the seventh consecutive session in which the USDA announced daily soybean sales.

Much-needed showers are expected to hit crop areas in the northern third of Brazil late next week, following hot and dry weather this week, according to forecasters Commodity Weather Group.

Corn sowing in Brazil is 66% completed compared to 77% a year earlier, Conab analysts report.

In Argentina, farmers' associations met with the new government to review planned tax increases that would affect corn and wheat exports. The Argentine peso has fallen by more than 50% and the new Argentine government wants to raise export taxes on some grains to 15%, while tariffs on soybeans will remain the same.

The Argentine exchange Rosario raised its forecast for wheat production in the country by 1.0 million tons to 14.5 million tons. According to analysts, the forecast was revised due to favorable weather in key agricultural regions. The country's current harvest is 26% higher than last year's, but remains the second worst harvest in the last 8 years.

CBOT March wheat futures closed 10-1/2 cents higher at $6.15-3/4 a bushel, with March corn down 1/4 cent at $4.79-1/4 a bushel.

On Friday, the National Oilseed Processors Association's monthly report is expected to show that U.S. soybean crush volume set a November record but was down from October.

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

wheat (March 2023) - 226.25 dollars/t (20,340 rubles/t) - plus 1.73%;
corn (March 2023) - $188.68/t (RUB 16,960/t) - minus 0.05%;
soybeans (Jan. 2023) - 482.80 dollars/t (43,400 rub./t) - plus 0.50%;
rice January (Jan 2023) - 838.07 $/t (75,340 rub./t) - plus 0.97%;
rapeseed (ICE, Jan. 2023) - 651.70 cad/t (43,080 rub./t) - minus 1.30%.

FranceAgriMer on Wednesday raised its forecast for French soft wheat exports outside the European Union in 2023/24 due to rising sales to China, but raised concerns about the 2024 harvest after heavy rains worsened crop conditions. French soft wheat exports outside the European Union will rise to 10.2 million tonnes, up from the 10.1 million tonnes forecast in November, up 0.4% from last season.

FranceAgriMer analysts forecast wheat stocks in France at the end of the 2023/24 season at 3.22 million tons (3.06 million tons in November), which is 26% more than last season. FranceAgriMer forecasts the country's ending corn stocks at 2 million tonnes for the 2023/24 season, up from 1.86 million tonnes estimated in November.
 
The French grain market declined on Thursday. At the end of the trading day, March quotes for milling wheat on the Parisian MATIF exchange dropped to €223.00 per ton (in dollar equivalent - to $245.10). March corn quotes - up to €198.75 per ton (in dollar equivalent they increased to $218.45).

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

flour milling wheat (DCBR 2023) - 245.10 dollars/t (22030 rubles/t) - minus 0.17%;
corn (March 2023) - $218.45/t (RUB 19,640/t) - plus 0.95%;
sunflower (Dec. on the SAFEX exchange - 9232.00 zar./t (43510 rub./t) minus 0.19%;
sunflower oil (nbr. Rotterdam, bulk FOB) - $955.00/t (RUB 85,850/t) plus 1.06%.

For reference, exchange rates as of 12/14/2023:
RUB 89.8926 = US dollar
96.9500 rub. = Euro
66.1024 rub. = Canadian dollar
RUB 47.1298 = 10 South African rand