On Wednesday, August 09, 2023, wheat futures on the Chicago Mercantile Exchange (CBOT) declined. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $233.32 per ton, September futures of hard winter wheat KCBT in Kansas City - to $279.80 per ton, September futures of hard spring wheat MGEX - to $301, 20 per ton.
Traders are adjusting positions ahead of the US Department of Agriculture (USDA) report, which is due on Friday. Futures for wheat and corn fell.
Soybean futures on the Chicago Mercantile Exchange edged higher on Wednesday as US export demand improved.
Exporters sold 251,000 metric tons of US soybeans to China, the largest oilseed buyer, for delivery in the 2023-2024 season, according to the USDA. Weekly export sales data is due on Thursday.
On Friday, the USDA will release its monthly harvest report. Analysts predict that the USDA will adjust the forecast for soybean and corn production in the US. The corn harvest could still be the second largest on record, and weather conditions will improve.
November soybeans rose 2-1/2 cents to $13.08-1/2. December corn fell 4-1/2 cents to close at $4.94-1/4 a bushel. September wheat fell 21-1/4 cents to $6.35 a bushel.
Egypt's purchase of 235,000 metric tons of Russian wheat on Tuesday showed the continued competitiveness of Russian supplies on the global market.
The Government of India put up for sale on the domestic market an additional 5 million tons of wheat and 2.5 million tons of rice from state reserves to eliminate the shortage and reduce grain prices.
On the Chicago Mercantile Exchange (CBOT) on Wednesday, contracts for delivery in September, November, December:
wheat (September 2023) - 233.32 dollars / t (22420 rubles / t) - minus 3.24%;
corn (DKBR 2023) - $194.59/t (18,700 RUB/t) - minus 0.90%;
soybeans (nbr. 2023) - 480.78 dollars / t (46190 rubles / t) - plus 0.19%;
raw rice (September 2023) - 787.36 USD/t (75650 RUB/t) - plus 1.13%;
rapeseed (ICE, Nov. 2023) - 775.90 cad/t (55820 RUB/t) - minus 1.90%.
On Wednesday, the French grain market fell. As a result of the trading day, the September quotations of milling wheat on the Parisian MATIF exchange fell to €242.25 per ton (in dollar terms - to $265.82). November corn futures - up to €228.25 per ton (in dollar terms, they fell to $251.95).
At the Paris Stock Exchange (MATIF) on Wednesday, the quotes of September, November contracts for the closing of trading amounted to:
milling wheat (Sept. 2023) - 265.82 dollars / t (25540 rubles / t) - minus 1.28%;
corn (NBR 2023) - $250.46/t (24,060 RUB/t) - minus 0.59%;
sunflower (Sept. on the SAFEX exchange - 9236 zar./t (47220 rub./t) - 0%;
sunflower oil (Aug. Rotterdam, in bulk FOB) - 990.00 USD/t (95110 RUB/t) - minus 2.53%;
Reference exchange rates on 08/09/2023:
RUB 96.0756 = US dollar
RUB 105.4352 = Euro
RUB 71.9397 = Canadian dollar
RUB 51.1257 = 10 South African rand