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On Monday, November 06, 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 $211.55 per ton, December futures of hard winter wheat KCBT in Kansas City - to $237.27 per ton, December futures of hard spring wheat MGEX in Minneapolis - to $267.77 per ton.
Chicago soybean futures hit their highest level in about eight weeks on Monday, weighed down by weather concerns in top exporter Brazil and dry conditions in Argentina. Corn futures closed flat and wheat futures rose slightly as US dollar weakness supported markets.
Traders are monitoring uneven weather conditions in Brazil, where soybean planting is underway. Drought is a concern in top soybean-producing state Mato Grosso, and heavy downpours have inundated southern areas. Argentina is still dry, but the situation is improving after the rains the day before.
The USDA reported Monday it sold 126,000 tons of soybeans to China. While U.S. sales to China are far behind last year's pace, a weaker dollar is making U.S. supplies cheaper to global markets.
Following the close of trading, the USDA reported harvest progress in its weekly report. Thus, the corn harvest in the United States was completed by 81%, the soybean harvest by 91%.
Chicago Mercantile Exchange January soybean futures rose 12-1/4 cents to close at $13.64 a bushel after earlier hitting their highest since Sept. 12 at $13.69-3/4 a bushel.
December corn futures were unchanged at $4.77-1/4 a bushel, and December wheat rose 3-1/4 cents to $5.75-3/4 a bushel.
The U.S. Department of Agriculture reported Monday that exporters sold 289,575 tons of U.S. corn to Mexico. In addition, the USDA reported weekly inspections of US wheat exports that were below analysts' expectations.
Signs of increased demand have appeared on the wheat market: major importer Algeria has announced a procurement tender. “It is hoped that we will be able to see more demand for imports after a period of quiet in the tender market, with tenders taking place in Algeria and Jordan this week,” a German trader said.
At the Chicago Board of Trade (CBOT) on Monday, contracts for delivery in December, January:
wheat (DCBR 2023) - 211.55 dollars/t (19680 rubles/t) - plus 0.57%;
corn (DCBR 2023) - 187.89 dollars/t (17,480 rubles/t) - plus 1.54%;
soybeans (Jan. 2023) - 501.18 dollars/t (46,630 rub./t) - plus 0.91%;
rice January (Jan 2023) - $774.38/t (RUB 72,040/t) - minus 0.32%;
rapeseed (ICE, Jan. 2023) - 702.50 cad/t (47,440 rub./t) - plus 1.47%.
On Monday, the French grain market declined. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange fell to €232.25 per ton (in dollar terms they rose to $249.18). March corn quotes dropped to €206.50 per ton (in dollar equivalent they rose to $221.55).
On the Paris Exchange (MATIF) on Monday, quotes for December and March contracts at the closing of trading were:
milling wheat (DCBR 2023) - 249.18 dollars/t (23,180 rubles/t) - plus 0.48%;
corn (March 2023) - 221.55 dollars/t (20,610 rubles/t) - plus 0.54%;
sunflower (nbr. on the SAFEX exchange - 9150.00 zar./t (46170 rub./t) plus 0.57%;
sunflower oil (nbr. Rotterdam, bulk FOB) - 925.00 USD/t (86060 RUB/t) 0%.
