Wheat continued to decline, soybeans and corn rose on Friday

On Friday, September 01, 2023, wheat futures on the Chicago Mercantile Exchange (CBOT) declined slightly. As a result of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $218.81 per ton, December futures of hard winter wheat KCBT in Kansas City - to $265.56 per ton, December futures of hard spring wheat MGEX - to $279, 16 per ton.

US wheat prices closed lower on Friday under pressure from the prospect of significant wheat production in Russia and efforts to restart a grain deal.

Chicago soybeans and corn rose in price, and traders kept an eye on reports about the state of the US crop before the start of the harvest.

December wheat futures on the Chicago Board of Trade (CBOT) fell 6-1/2 cents to $5.95-1/2. For the week, CBOT wheat prices fell 4.22%, the second weekly decline in a row. November soybean futures closed up 1/2 cent at $13.69-1/4 a bushel but ended the week down 1.33%. December corn rose 3-1/4 cents to $4.81-1/2 a bushel but lost 1.33% for the week.

Russian President Vladimir Putin is due to hold talks with Turkish President Tayyip Erdogan on Monday, September 4, in Sochi, the Kremlin press service reported.

Russian consulting company IKAR said that Russia could export 49.5 million tons of wheat in the current 2023/24 season, up 2 million tons from previously forecast, based on a revised estimate of the country's wheat crop to 91.0 million tons from previous 89.5 million tons. But several top grain-producing countries have noted problems with production, including Argentina, where the Buenos Aires Grain Exchange said the 2023/24 wheat crop was hit by extreme weather.

In the soybean market, fears that dry weather will hurt U.S. soybeans at a key stage of development helped push prices higher last month, but momentum has faded this week and the crop could put additional pressure, especially if low water levels in the Mississippi River continue. hinder exports.

Recent export activity has provided some support for soybeans. The United States Department of Agriculture (USDA) has confirmed private sales of 198,000 metric tons of new crop soybeans from the United States to unknown destinations.

On the Chicago Mercantile Exchange (CBOT) on Friday, contracts for delivery in November, December:

wheat (dkbr 2023) - 218.81 dollars / t (21080 rubles / t) - minus 1.08%;
corn (DKBR 2023) - $189.57/t (18260 RUB/t) - plus 0.68%;
soybeans (nbr. 2023) - 503.10 dollars / t (48470 rubles / t) - plus 0.04%;
rice November (Nbr. 2023) - 811.61 USD/t (78190 RUB/t) - minus 0.75%;
rapeseed (ICE, Nov. 2023) - 811.61 cad/t (57,770 RUB/t) - plus 0.33%.

On Friday, the French grain market closed mixed. As a result of the trading day, the December quotations of milling wheat on the Parisian MATIF exchange fell to €235.00 per ton (in dollar terms - to $254.76). November corn futures grew slightly - up to €212.50 per ton (in dollar terms, they fell to $230.37).

On the Paris Stock Exchange (MATIF) on Friday, the quotes for the November and December contracts at the close of trading amounted to:

milling wheat (DKBR 2023) - 254.76 USD/t (24540 RUB/t) - minus 1.39%;
corn (NBR 2023) - $230.37/t (22190 RUB/t) - minus 0.53%;
sunflower (Sept. on the SAFEX exchange - 8974.00 zar./t (46260 rub./t) - plus 2.05%;
sunflower oil (Saint Rotterdam, in bulk FOB) - 950.00 USD/t (91520 RUR/t) - minus 0.52%.

Reference exchange rates on 01.09.2023:
RUB 96.3344 = US dollar
RUB 104.9407 = Euro
RUB 71.1743 = Canadian dollar
RUB 51.5516 = 10 South African rand