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On Tuesday, August 08, 2023, Chicago Mercantile Exchange (CBOT) wheat futures fell due to fears of weak demand for US wheat. As a result of the trading day, September quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT fell to $241.13 per ton, September futures of hard winter wheat KCBT in Kansas City rose to $283.11 per ton, September futures of hard spring wheat MGEX rose to $305, 24 per ton.
Wheat futures fell on fears of weak demand for US wheat after Egypt held another wheat tender on Tuesday and bought 235,000 tons of Russian wheat from it, despite growing concerns about supplies from the Black Sea basin.
U.S. soybean and corn futures rose on Tuesday, rebounding from early weakness as investors covered short positions ahead of a key USDA crop report on Friday.
September Chicago Board of Trade CBOT Soft Red Winter Wheat futures closed 1-1/4 cents lower at $6.56-1/4 a bushel. November CBOT soybeans rose 4 cents to $13.06 a bushel, while CBOT December corn rose 3 cents to $4.98-3/4 a bushel.
However, weather forecasts held back the rise in futures on Tuesday. Due to wet weather in the US Midwest last week, the proportion of corn planted in excellent condition increased by 2 percentage points. up to 57%. The share of wheat crops decreased by 1 percentage point. up to 41%. 5-25 mm of precipitation is expected in the main agricultural regions of the USA next week.
Weekly US soybean and corn planting health ratings improved more than analysts had expected, although spring wheat valuations declined, USDA data showed on Monday.
On the Chicago Mercantile Exchange (CBOT) on Tuesday, contracts for delivery in September, November, December:
wheat (September 2023) - 241.13 dollars / t (23850 rubles / t) - minus 0.19%;
corn (DKBR 2023) - $196.36/t (18960 RUB/t) - plus 0.60%;
soybeans (nbr. 2023) - 479.86 dollars / t (46340 rubles / t) - plus 0.31%;
Rice raw (September 2023) - 778.54 USD / t (75180 RUB / t) - minus 0.19%;
rapeseed (ICE, Nov. 2023) - 790.90 cad/t (57190 RUB/t) - minus 0.83%.
Harvest prospects in Spain are deteriorating amid a drought that has affected 80% of the country's countryside, according to agricultural association COAG. Grain production decreased to 5 million tons, or 67% compared to last year. With demand at 36.1 million tons, Spain will be forced to increase imports, mainly due to supplies from Brazil and Argentina.
On Tuesday, the French wheat market rose. As a result of the trading day, the September quotations of milling wheat on the Parisian MATIF exchange rose to €244.75 per ton (in dollar terms - up to $269.27). November corn futures remained unchanged - at the level of €229.00 per ton (in dollar terms, they fell to $251.95).
On the Paris Stock Exchange (MATIF) on Tuesday, the quotes of the September, November contracts at the close of trading amounted to:
milling wheat (Sept. 2023) - 269.27 USD / t (26,000 rubles / t) - plus 1.38%;
corn (NBR 2023) - $251.95/t (24330 RUB/t) - minus 0.07%;
sunflower (Sept. on the SAFEX exchange - 9236 zar. / t (47970 rubles / t) - minus 1.64%;
sunflower oil (Aug. Rotterdam, in bulk FOB) - $1,020.00/t (98,500 RUB/t) - minus 0.98%;
Reference exchange rates on 08/08/2023:
RUB 96.5668 = US dollar
RUB 106.0543 = Euro
RUB 72.3076 = Canadian dollar
RUB 51.9372 = 10 South African rand
