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On Friday, November 10, 2023, wheat futures on the Chicago Board of Trade (CBOT) fell. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $211.36 per ton, December futures of hard winter wheat KCBT in Kansas City - to $235.16 per ton, December futures of hard spring wheat MGEX in Minneapolis - to $26.41 per ton.
Chicago corn futures fell on Friday as traders reacted to the US Department of Agriculture's forecast for a record harvest this year.
Wheat fell following corn. Commodity funds hold a significant net short position in Chicago wheat futures, making the market prone to volatility and bouts of short covering.
Soybean futures rose on technical buying.
The most active December corn futures on the Chicago Board of Trade (CBOT) fell 4 cents to $4.64 a bushel. For the week, the contract fell 15-1/2 cents per bushel, or nearly 2.8%.
The decline comes after the U.S. Department of Agriculture (USDA) raised its estimate for the nation's 2023-24 corn harvest to 15.234 billion bushels in a November report from 15.064 billion in October.
The Brazilian agricultural agency Conab has lowered its forecast for the corn harvest in Brazil in the current 2023/24 season by 300 thousand tons, to 119.1 million tons.
A recovery in crude oil prices also provided some support for grains on Friday.
December CBOT soft red winter wheat futures fell 5-1/2 cents to $5.75-1/4 a bushel, and January soybean futures rose 4 cents to $13.47-1/2 a bushel.
A series of Chinese purchases of soybeans in the United States has raised prices for oilseeds.
The Brazilian agricultural agency Conab has raised its forecast for the soybean harvest in Brazil in the 2023/24 season.
At the Chicago Board of Trade (CBOT) on Friday, contracts for delivery in December, January:
wheat (DCBR 2023) - 211.36 dollars/t (19,430 rubles/t) - minus 0.95%;
corn (DCBR 2023) - 182.68 dollars/t (16,790 rubles/t) - minus 0.85%;
soybeans (Jan. 2023) - 495.11 dollars/t (45510 rub./t) - plus 0.30%;
rice January (Jan. 2023) - 820.19 dollars/t (75,400 rub./t) - plus 1.36%;
rapeseed (ICE, Jan. 2023) - 687.10 cad/t (45,780 rub./t) - unchanged.
On Friday, the French grain market declined. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange dropped to €232.25 per ton (in dollar equivalent - to $247.72). March corn quotes dropped to €206.00 per ton (in dollar equivalent - to $219.72).
On the Paris Exchange (MATIF) on Friday, quotes for December and March contracts at the closing of trading were:
flour milling wheat (DCBR 2023) - 247.72 dollars/t (22,770 rubles/t) - minus 0.43%;
corn (March 2023) - 219.72 dollars/t (20,200 rubles/t) - minus 0.36%;
sunflower (nbr. on the SAFEX exchange - 8982.00 zar./t (44370 rub./t) minus 0.52%;
sunflower oil (nbr. Rotterdam, bulk FOB) - 935.00 USD/t (85950 RUB/t) minus 1.06%.
For reference, exchange rates as of 11/10/2023:
RUB 91.9266 = US dollar
98.4076 rub. = Euro
66.6280 rub. = Canadian dollar
RUB 49.4019 = 10 South African rand
