World grain market: wheat prices rose on Friday, soybean and corn prices fell in Chicago

On Friday, September 15, 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 $202.02 per ton, December futures of hard winter wheat KCBT in Kansas City - up to $274.29 per ton, December futures of hard spring wheat MGEX - up to $289, 90 per ton.

Wheat recovered on Friday from losses in the previous session amid concerns over supplies from the Black Sea region and lower crop potential in Australia and Argentina due to recent dry weather.

U.S. soybean futures fell on Friday on technical selling and profit-taking after two sessions of gains, and U.S. processors (NOPA) processed far fewer soybeans than expected in August, a monthly report showed.

Corn futures fell, following soybeans.

Slower-than-expected August soybean processing among National Oilseed Processors Association (NOPA) members weighed on soybean futures, while the weakest soybean oil inventories in nearly six years supported soybean oil futures.

Chicago Mercantile Exchange November soybean futures fell 20-1/4 cents to $13.40-1/4 a bushel, ending the week down 1.7%, their third straight weekly decline.

December corn futures fell 4-1/4 cents to $4.76-1/4 a bushel, down 1.6% for the week and hovering just above a 2-1/2-year low.

December CBOT wheat rose 10-1/2 cents to $6.04-1/4 a bushel. The contract hit a 33-month low on Tuesday but rose to finish the week up 1.4%, its biggest weekly gain in seven weeks.

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

wheat (DCBR 2023) - 202.02 dollars/t (21,160 rubles/t) - plus 2.42%;
corn (DCBR 2023) - 187.50 dollars/t (18,030 rubles/t) - minus 0.88%;
soybeans (NBR 2023) - 492.45 dollars/t (47,350 rubles/t) - minus 1.49%;
rice November (November 2023) - 794.46 dollars/t (76,400 rub./t) - plus 0.06%;
rapeseed (ICE, Nov. 2023) - 763.90 cad/t (54,210 rub./t) - plus 0.67%.

Consulting company Strategie Grains lowered its forecast for soft wheat exports from the EU by 0.7 million tons to 30.1 million tons. According to company analysts, the sluggish start to the season led to the downgrade of the forecast against the backdrop of the low competitiveness of European wheat compared to Russian wheat. A year earlier, wheat exports from the EU amounted to 32.3 million tons.

On Friday, the French grain market closed mixed. At the end of the trading day, December quotations of milling wheat on the Parisian MATIF exchange rose to €243.50 per ton (in dollar equivalent they fell to $259.11) with support from the weaker euro. November corn futures fell to €213.00 per ton (in dollar equivalent - to $226.65).

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

flour milling wheat (DCBR 2023) - 259.11 dollars/t (24920 rubles/t) - minus 0.20%;
corn (NBR 2023) - 226.65 dollars/t (21,800 rubles/t) - minus 1.27%;
sunflower (Sept. on the SAFEX exchange - 9016.00 zar./t (45,880 rub./t) plus 0.99%;
sunflower oil (St. Rotterdam, bulk FOB) - 870.00 USD/t (83,660 RUB/t) minus 2.25%.

For reference, exchange rates as of September 15, 2023:
RUB 96.1609 = US dollar
RUB 103.2289 = Euro
RUB 70.9622 = Canadian dollar
RUB 50.8885 = 10 South African rand