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On Thursday, October 05, 2023, wheat futures on the Chicago Board of Trade (CBOT) rose amid rising tensions in the Black Sea. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT rose to $212.47 per ton, December futures of hard winter wheat KCBT in Kansas City - to $253.71 per ton, December futures of hard spring wheat MGEX - to $268, 78 per ton.
Chicago wheat futures rose more than 3% on Thursday on reports of new tensions in the Black Sea region. Corn futures hit a one-month high, breaking out of recent ranges to hold above a key technical level, while soybean prices also rose modestly despite weak export demand.
Argentina needs rainfall to avoid losses in the wheat crop and complete sowing of early corn, analysts at the Rosario exchange report. The exchange's latest report estimates the required amount of rainfall at 15-20 mm, but only half of the country's agricultural land received rain of that amount.
A Turkish-flagged cargo ship hit a mine on Thursday in the Black Sea off the coast of Romania and suffered minor damage, but the crew remained safe, maritime and security sources said. Insurers have included the Black Sea region in the list of high-risk areas.
Chicago Board of Trade (CBOT) wheat, which hit a three-year low last week, rose more than 3% to settle at $5.78-1/4 a bushel.
Corn prices showed similar gains, rising to their highest level in more than a month and settling at $4.97-1/2, their highest closing price since Aug. 8.
Rising corn and wheat prices supported gains in the soybean market, but gains were tempered by reports of a better-than-expected US harvest. The US Department of Agriculture said the US corn and soybean crops are 23% complete, slightly above their respective five-year averages.
November CBOT soybeans rose 7-3/4 cents to $12.80-3/4 a bushel.
At the Chicago Board of Trade (CBOT) on Thursday, contracts for delivery in November and December:
wheat (DCBR 2023) - 212.47 dollars/t (21,130 rubles/t) - plus 3.26%;
corn (DCBR 2023) - 195.87 dollars/t (19,480 rubles/t) - plus 2.37%;
soybeans (NBR 2023) - 470.59 USD/t (46,800 RUB/t) - plus 0.61%;
rice November (November 2023) - 768.01 USD/t (76,380 RUB/t) - plus 0.19%;
rapeseed (ICE, Nov. 2023) - 711.20 cad/t (51,590 rub./t) - plus 0.06%.
The French grain market rose on Thursday. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange rose to €235.25 per ton (in dollar equivalent - up to $247.08). November futures prices for November corn rose to €205.00 per ton (in dollar equivalent - up to $215.31).
On the Paris Exchange (MATIF) on Thursday, quotes for November and December contracts at the closing of trading were:
flour milling wheat (DCBR 2023) - 247.08 dollars/t (24,570 rubles/t) - plus 0.90%;
corn (NBR 2023) - $215.31/t (RUB 21,410/t) - plus 0.49%;
sunflower (Oct. on the SAFEX exchange - 8980.00 zar./t (46,220 rub./t) plus 0.73%;
sunflower oil (Oct. Rotterdam, bulk FOB) - $930.00/t (RUB 92,490/t) plus 1.64%.
For reference, exchange rates as of 10/05/2023:
99.4555 rub. = US dollar
104.3024 rub. = Euro
72.5370 rub. = Canadian dollar
RUB 51.4647 = 10 South African rand
