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

Futures for wheat at the Chicago Mercantile Exchange rose after three sessions of decline. Suppliers faced problems in India, a leading wheat producer. Demand for soybeans also increased, pushing prices up. Exchange rates: 1 dollar = 97.35 rubles, 1 euro = 102.75 rubles.

19 October 2023 19 October 2023

On Wednesday, October 18, 2023, wheat futures on the Chicago Board of Trade (CBOT) rose. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $213.20 per ton, December futures of hard winter wheat KCBT in Kansas City - to $246.36 per ton, December futures of hard spring wheat MGEX - to $269, 51 per ton.

Wheat futures in Chicago on Wednesday rose for the first time in three sessions against the backdrop of profitable purchases on Wednesday, followed by corn futures that rose.

Wheat futures also rose mid-session on renewed news that India, a leading wheat producer, may be facing supply constraints. The Government of India has decided to increase the purchase price of new crop wheat to encourage farmers to expand the area under grain cultivation and increase its production. As specified, the price was increased by 150 rupees (7%) - from 2125 rupees per 100 kg in 2022 to 2275 rupees ($27.33).

Meanwhile, soybean futures hit a three-week high early in the trading day, also lifting corn and wheat futures as U.S. domestic demand continued to support prices.

Soybean futures trading was volatile - most contracts fell at some point - as the soybean meal market rose in part due to export demand and tight supplies, as well as news that U.S. exporters sold 132,000 tons of soybeans to China for delivery in the current season 2023-2024.

The Chicago Board of Trade (CBOT) December wheat contract rose 9-3/4 cents to $5.80-1/4 a bushel. November soybean futures closed up 14-1/4 cents at $13.11 a bushel after rising early in the session to $13.13 a bushel, its highest level since Sept. 27. December corn rose 3 cents to $4.92 a bushel.

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

wheat (DCBR 2023) - 213.20 dollars/t (20,750 rubles/t) - plus 1.71%;
corn (DKBR 2023) - 193.70 dollars/t (18,860 rubles/t) - plus 0.51%;
soybeans (NBR 2023) - 481.70 USD/t (46,890 RUB/t) - plus 1.10%;
rice November (November 2023) - 777.07 dollars/t (75,640 rub./t) - plus 0.03%;
rapeseed (ICE, Nov. 2023) - 711.40 cad/t (50,660 rub./t) - minus 1.08%.

The French grain market rose on Wednesday. At the end of the trading day, December quotes for milling wheat on the Paris MATIF exchange dropped to the level of €240.50 per ton (in dollar equivalent - to $254.33). November corn quotes rose to €205.25 per ton (in dollar terms - up to $217.05).

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

milling wheat (DCBR 2023) - 254.33 dollars/t (24,760 rubles/t) - plus 2.07%;
corn (NBR 2023) - $217.05/t (RUB 21,130/t) - plus 2.15%;
sunflower (Oct. on the SAFEX exchange - 8600.00 zar./t (44550 rub./t) plus 1.06%;
sunflower oil (Oct. Rotterdam, bulk FOB) - 910.00 USD/t (88580 RUB/t) 0%.

For reference, exchange rates as of 10/18/2023:
RUB 97.3458 = US dollar
102.7527 rub. = Euro
RUB 71.4779 = Canadian dollar
RUB 51.8009 = 10 South African rand

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