World grain market: soybeans rose in price, corn fell, wheat remained unchanged on Tuesday

On Tuesday, September 26, 2023, wheat futures on the Chicago Board of Trade (CBOT) remained unchanged. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT did not change, remaining at $216.423 per ton, December futures of hard winter wheat KCBT in Kansas City fell to $261.06 per ton, December futures of hard spring wheat MGEX decreased to $281.64 per ton.

Chicago soybean futures rose on Tuesday, wheat futures were unchanged and corn futures fell as traders adjusted positions ahead of US government inventory data due on Friday, September 29.

Concerns about a possible US government default are weighing on markets.

Chicago Board of Trade (CBOT) soybean futures for November rose 5 cents to settle at $13.02-3/4 a bushel. During trading, December wheat reached a weekly high of $5.96-3/4 per bushel, and then fell to the previous level of $5.89. December corn prices fell 1-1/2 cents to $4.79-3/4 a bushel.

The US Department of Agriculture (USDA) plans to release a quarterly report on US grain inventories at the end of the week.

Abundant supplies of wheat from Russia are keeping prices down, although recent attacks on Ukrainian ports have raised some concerns about future supplies.

Countries in the EU's eastern wing on Tuesday called on the European Commission to strengthen checks at solidarity lanes for Ukrainian grain and introduce a deposit system for exports. The EU has created alternative land routes, called Solidarity Roads, that Ukraine can use to export its grains and oilseeds, but its neighbors argue that cheap Ukrainian agricultural goods intended for transit are being sold locally, harming their own farmers.

Chicago corn futures fell on Tuesday. Abundant supplies of corn from South America and the second-largest U.S. corn crop on record are keeping prices down.

Large shipments of soybeans from Brazil have hampered demand for U.S. exports, while limited U.S. soybean supplies have kept domestic prices above world prices, analysts said.

The USDA's weekly report released late Monday showed 50% of U.S. soybean crops rated good or excellent, down from 52% the previous week, the lowest for this time of year. since 2013.

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

wheat (DCBR 2023) - 216.42 dollars/t (20810 rub./t) - unchanged;
corn (DCBR 2023) - 188.88 dollars/t (18,160 rubles/t) - minus 0.31%;
soybeans (NBR 2023) - 478.67 USD/t (46,020 RUB/t) - plus 0.39%;
rice November (November 2023) - 793.24 dollars/t (76,270 rubles/t) - plus 2.15%;
rapeseed (ICE, Nov. 2023) - 714.20 cad/t (51,000 rub./t) - plus 0.46%.

On Tuesday, the French grain market remained virtually unchanged. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange remained at the same level - €240.25 a ton (in dollar equivalent they decreased to $254.42). November corn futures strengthened slightly to €211.25 per ton (in dollar terms they fell to $223.71).

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

milling wheat (DCBR 2023) - 254.42 dollars/t (24,460 rubles/t) - minus 0.58%;
corn (NBR 2023) - $223.71/t (RUB 21,510/t) - minus 0.47%;
sunflower (Oct. on the SAFEX exchange - 8750.00 zar./t (44630 rub./t) minus 0.18%;
sunflower oil (St. Rotterdam, bulk FOB) - 895.00 USD/t (86,050 RUB/t) 0%.

For reference, exchange rates as of September 26, 2023:
RUB 96.1456 = US dollar
102.2453 rub. = Euro
RUB 71.4094 = Canadian dollar
RUB 51.0089 = 10 South African rand