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On Wednesday, July 05, 2023, US wheat futures rose. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT jumped to $247.74 per ton, September futures of hard winter wheat KCBT in Kansas City - up to $310.94 per ton, September futures of hard spring wheat MGEX - up to $315, 07 per ton.
US wheat futures edged higher on Wednesday, as a slow winter wheat harvest and deteriorating spring crop conditions pushed buying and shorting out, pushing prices up from 2.5-week lows. A rise in wheat pushed corn up from a 2.5-year low, despite an expansion in plantings and recent rains that eased fears of lower yields due to drought.
Soybeans strengthened on additional support from wheat and a worse-than-expected crop rating in the weekly report from the United States Department of Agriculture (USDA) on Monday.
Wheat led grain markets higher after the USDA said on Monday that just 37% of the winter crop had been harvested as of Sunday, compared to 52% last year. The USDA also unexpectedly downgraded spring wheat as the rains did not improve conditions.
September soft red winter wheat futures on the Chicago Mercantile Exchange jumped 32.5 cents to $6.74-1/4 a bushel. September red winter wheat rose 49.3/4 cents to $8.46-1/4 a bushel and September spring wheat rose 48.1/4 cents to $8.57-1/2 a bushel.
December CBOT corn futures remained unchanged at $4.93-1/2 a bushel after falling earlier to $4.85-1/2 a bushel, the lowest level since January 2021. November soybeans rose 1-1/4 cents to $13.55 a bushel.
Rain and forecasts of more downpours have eased fears of an early-season drought in the heart of the Midwest.
The USDA rated 51% of US corn in good or excellent condition, up one point from the previous week. However, the condition of soybeans deteriorated by one point. Ratings for both crops have been declining for several weeks due to the deepening drought in the Midwest.
On the Chicago Mercantile Exchange (CBOT) on Wednesday, contracts for delivery in September, November, December:
wheat (September 2023) - 247.74 dollars / t (22180 rubles / t) - plus 5.06%;
corn (DKBR 2023) - $194.29/t (17,400 RUB/t) - 0%;
soybeans (nbr. 2023) - 497.87 USD/t (44580 RUB/t) - plus 0.09%;
raw rice (September 2023) - 735.91 USD/t (65,900 RUB/t) - plus 0.30%;
rapeseed (ICE, Nov. 2023) - 763.10 cad/t (51,610 RUB/t) - plus 3.63%.
On Wednesday, the French grain market continued to grow. As a result of the trading day, the September quotations of milling wheat on the Parisian MATIF exchange rose to €233.25 per ton (in dollar terms, $253.10). November corn futures - up to €224.75 per ton ($243.88 in dollar terms).
On the Paris Stock Exchange (MATIF) on Wednesday, the quotes for the August and September contracts at the close of trading amounted to:
milling wheat (Sept. 2023) - 253.10 USD/t (22670 RUB/t) - plus 2.06%;
corn (NBR 2023) - $243.88/t (21,840 RUB/t) - plus 0.43%;
sunflower (July on the SAFEX exchange - 8910 zar. / t (42670 rubles / t) - plus 3.10%;
sunflower oil. (June, OTC index NTB SOEXP) - 819.42 dollars per ton (73380 rubles per ton) - minus 1.1103%.
