Soybean futures rose in Chicago, wheat and corn fell on Thursday

Wheat prices fell on the back of reduced tensions around the "grain deal" and active sales of funds. As a result of the trading day, July quotations of soft winter wheat CBOT in Chicago fell to $230.47 per ton, July futures of hard winter wheat KCBT in Kansas City - to $309.19 per ton, July futures of hard spring wheat MGEX - to $307.45.

Soybean futures on the Chicago Mercantile Exchange rose on Thursday, breaking a three-day losing streak as a wave of bargains swept the market after prices fell to a 6.5-month low.

Corn and wheat futures tumbled as low demand for U.S. supplies pushed prices to new lows.

The USDA said on Thursday morning that corn export sales for the week were just 340,400 tons. Export sales of wheat amounted to 359,900 tons, price monitoring showed that it was easy for foreign buyers to find cheaper supplies. Export sales of soybeans amounted to 112,300 tons.

July soybean futures on the Chicago Mercantile Exchange rose 1-1/2 cents to $14.05-1/2 a bushel. July CBOT corn fell 11-3/4 cents to $5.82-1/4 a bushel, and July soft red winter CBOT wheat fell 14 cents to $6.27-1/4 a bushel.

On Friday, the USDA will release its monthly Global Agricultural Supply and Demand Estimates report, which will include forecasts for the 2023/24 marketing year for the first time.

Analysts had expected the report to show that supplies of corn and soybeans would rise sharply next year. And in the wheat market, negotiations on a "grain deal" remain in the spotlight.

On the Chicago Mercantile Exchange (CBOT) on Thursday, contracts for delivery in July:

wheat (July 2023) - 230.47 dollars / t (17680 rubles / t) - minus 2.19%;
corn (July 2023) - 229.23 dollars / t (17580 rubles / t) - minus 1.98%;
soybeans (July 2023) - 516.42 USD/t (39610 RUB/t) - plus 0.11%;
raw rice (July 2023) - 897.35 USD/t (68820 RUB/t) - plus 0.30%;
rapeseed (ICE, July 2023) - 724.10 cad/t (41470 RUB/t) - minus 1.44%.

Exports of soft wheat from the European Union in the current season 2022/23 reached 26.49 million tons by May 7, 11% higher than last year's figure, analysts at the European Commission calculated. Total barley exports from the EU in the 2022/23 season amounted to 5.45 million tons, which is 19% less than a year earlier. Imports of corn into the EU amounted to 23.22 million tons, 67% higher than a year earlier. Wheat imports are estimated at 7.67 million tons, up 249% from a year earlier.

On Thursday, 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 €232.00 per ton ($253.20 in dollar terms). June corn quotes - up to €227.00 per ton ($247.75 in dollar terms).

On the Paris Stock Exchange (MATIF) on Thursday, the quotes for the June and September contracts at the close of trading were:

milling wheat (Sept. 2023) - 253.20 dollars / t (19420 rubles / t) - minus 0.71%;
corn (June 2023) - 247.75 dollars / t (19,000 rubles / t) - minus 0.93%;
sunflower (May on the SAFEX exchange - 8536.00 zar./t (34890 rub./t) - minus 0.39%;
sunflower oil. (May, over-the-counter index NTB SOEXP) - 879.74 USD/t (67470 RUR/t) - plus 0.3708%.

Reference exchange rates on 05/11/2023:
RUB 76.6929 = US dollar
RUB 84.1498 = Euro
RUB 57.2763 = Canadian dollar
RUB 40.8676 = 10 South African rand