Global grain market: corn rose in price at the CBOT, wheat and soybeans fell in price on Thursday

On Thursday, November 16, 2023, Chicago Board of Trade (CBOT) wheat futures fell to a two-week low. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $203.37 per ton, December futures of hard winter wheat KCBT in Kansas City - to $230.47 per ton, December futures of hard spring wheat MGEX in Minneapolis - to $266.75 per ton.

Chicago soybean futures fell on Thursday as rain was expected in Brazil, easing supply concerns that had pushed prices to two-and-a-half month highs earlier in the week.

Corn prices on the Chicago Board of Trade (CBOT) closed higher on Thursday, while weak demand sent wheat prices lower. Rainfall across the American Great Plains is expected to benefit newly planted wheat. Wheat exports from the United States are still limited due to cheaper supplies from the Black Sea region.

December soybean futures on the CBOT ended down 1.8% at $13.60-1/4 a bushel.

Soybean prices have risen since mid-October, helped by drought in northern and central Brazil. However, rain forecast for next week has eased fears of drought damage. A big harvest in Brazil could limit global demand for U.S. soybeans, said Darin Fessler, market strategist at Lakefront Futures.

Total weekly U.S. soybean export sales last week were the highest since 2012 at 3.9 million tons after a surge in purchases from China, the oilseed's biggest importer. This was in line with analysts' expectations.

The US government separately reported private sales of 220,000 tons of US soybeans to unknown buyers.

December CBOT corn prices rose 4 cents to $4.74-3/4 a bushel. December soft red winter wheat fell 7 cents to $5.53-1/2 a bushel.

Weekly US corn export sales for the 2023/24 season were above corn trade expectations, while weekly wheat sales were below expectations.

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

     wheat (DCBR 2023) - 203.37 dollars/t (18,190 rubles/t) - minus 1.25%;
     corn (DCBR 2023) - 186.91 dollars/t (16,720 rubles/t) - plus 0.85%;
     soybeans (Jan. 2023) - 499.80 dollars/t (44,710 rub./t) - minus 1.79%;
     rice January (Jan 2023) - 845.17 dollars/t (75,610 rubles/t) - plus 1.83%;
     rapeseed (ICE, Jan. 2023) - 706.80 cad/t (46,070 rub./t) - minus 1.77%.

On Thursday, the French grain market declined. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange dropped to €226.25 per ton (in dollar equivalent - to $245.39). March corn quotations dropped to €206.00 per ton (in dollar equivalent - to $223.43).

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

     milling wheat (DCBR 2023) - 245.39 dollars/t (21,950 rubles/t) - minus 1.18%;
     corn (March 2023) - 223.43 dollars/t (19990 rubles/t) - minus 0.91%;
     sunflower (nbr. on the SAFEX exchange - 9110.00 zar./t (44840 rub./t) plus 1.03%;
     sunflower oil (nbr. Rotterdam, bulk FOB) - 965.00 USD/t (86330 RUB/t) 0%.

For reference, exchange rates as of 11/16/2023:

     RUB 89.4565 = US dollar
     RUB 97.1334 = Euro
     RUB 65.1778 = Canadian dollar
     RUB 49.2193 = 10 South African rand