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

On Friday, October 27, 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 dropped to $211.46 per ton, December futures of hard winter wheat KCBT in Kansas City - to $236.26 per ton, December futures of hard spring wheat MGEX in Minneapolis - to $264.46 per ton.

Wheat fell on Friday on news that supplies through Ukraine's new Black Sea export corridor had resumed after a three-day break. According to the country's Ministry of Agriculture, grain exports from Ukraine in the 2023/24 season fell to 8.72 million tons from 12.34 million a year earlier.

In the KCBT durum winter wheat market, December futures set a contract low following beneficial rains in the US.

Chicago Board of Trade soybean futures rose and soybean meal hit a contract high on Friday amid strong demand for U.S. supplies.
Supplies of soybean meal from Argentina, a major exporter, fell after drought cut soybean production. Disappointing rains in central-west Brazil have further fueled traders' concerns after drought recently slowed the growth of Brazilian soybean acreage.

January CBOT soybean futures rose 19-1/4 cents to $13.19-1/2 a bushel, hitting a one-week high. December soybean meal prices rose $12.9 to $442.40 per ton after hitting a contract high of $448.4 per ton.

There were unconfirmed rumors in the markets about China canceling purchases of Brazilian soybeans. However, traders say American soybeans are still more expensive than Brazilian soybeans.

December corn rose 1 1/2 cents to $4.80-3/4 a bushel and December wheat lost 4 cents to close at $5.75-1/2 a bushel at the CBOT. December KCBT wheat futures closed down 11-3/4 cents at $6.43 a bushel after hitting a contract low of $6.39-1/2.

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

wheat (DCBR 2023) - 211.46 dollars/t (19,780 rubles/t) - minus 0.69%;
corn (DCBR 2023) - 189.27 dollars/t (17,710 rubles/t) - plus 0.31%;
soybeans (Jan. 2023) - 484.83 dollars/t (45,360 rub./t) - plus 1.48%;
rice November (Jan 2023) - $794.22/t (RUB 74,310/t) - minus 0.70%;
rapeseed (ICE, Jan. 2023) - 693.20 cad/t (47,060 rub./t) - plus 1.63%.

The French grain market weakened on Friday. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange decreased to €232.25 per ton (in dollar equivalent - to $245.26). March corn quotes dropped to €207.25 per ton (in dollar equivalent - to $218.86).

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

flour milling wheat (DCBR 2023) - 245.26 dollars/t (22950 rubles/t) - minus 0.57%;
corn (March 2023) - 218.86 dollars/t (20,480 rubles/t) - minus 0.27%;
sunflower (nbr. on the SAFEX exchange - 9100.00 zar./t (44390 rub./t) plus 0.19%;
sunflower oil (nbr. Rotterdam, bulk FOB) - $910.00/t (RUB 85,140/t) plus 0.55%.

For reference, exchange rates as of 10/27/2023:
93.5616 rub. = US dollar
98.9376 rub. = Euro
RUB 67.8868 = Canadian dollar
RUB 48.7760 = 10 South African rand