Wheat

World grain market: Chicago wheat fell to a 25-month low, corn and soybeans also fell

Prices on the world commodity exchanges continue to fall. Wheat on the CBOT has dropped to $223.86 per ton, corn and soybeans have also become cheaper due to favorable weather in the USA. Restrictions on the export of Ukrainian grains to the EU also affect the market.

In Paris, prices have also decreased: milling wheat fell to $256 per ton, corn - to $250.50.

3 May 2023

As a result of the trading day, July quotations of soft winter wheat CBOT in Chicago fell to $223.86 per ton, July futures of hard winter wheat KCBT in Kansas City - to $271.99 per ton, July futures of hard spring wheat MGEX - to $284.21.

Wheat hit a 25-month low in the session in Chicago and closed lower on Tuesday amid favorable weather to boost the US crop and improve crop conditions.

As of Sunday, April 30, the US Department of Agriculture's winter wheat crop rating is up 2 points from the previous week, to 28% from good to excellent.

Corn and soybeans also closed lower as fears of adverse planting weather eased and export demand eased.

July futures for wheat on the Chicago Mercantile Exchange (CBOT) fell 9 cents to $6.09-1/4 a bushel. July corn fell 4-1/2 cents to $5.80 a bushel and soybeans fell 16-3/4 cents to $14.10-3/4 a bushel.

Attention has also been focused on a UN-brokered grain deal that allows Ukrainian grain to be safely exported across the Black Sea.

It also became known that the European Commission has set restrictions until June 5 on the import of Ukrainian wheat, corn, rapeseed and sunflower seeds to ease the oversupply of these grains in Bulgaria, Hungary, Poland, Romania and Slovakia. In addition, grain exports from Ukraine may fall to about 26 million tons in the new 2023/24 season.

On the Chicago Mercantile Exchange (CBOT) on Tuesday, contracts for delivery in July:

wheat (July 2023) - 223.86 dollars / t (18020 rubles / t) - minus 1.45%;
corn (July 2023) - 228.35 dollars / t (18380 rubles / t) - minus 0.77;
soybeans (July 2023) - 518.35 dollars / t (41,730 rubles / t) - minus 1.17%;
rice raw (July 2023) - 873.59 USD / t (70330 rubles / t) - plus 1.22%;
rapeseed (ICE, July 2023) - 709.40 cad/t (41960 RUB/t) - plus 0.68%.

On Tuesday, the French grain market fell. As a result of the trading day, May quotations of milling wheat on the Parisian MATIF exchange fell to €232.75 per ton ($256.00 in dollar terms), September quotations of milling wheat fell to €230.00 per ton ($252.98). June corn quotes fell to €227.75 per ton ($250.50 in dollar terms).

On the Paris Stock Exchange (MATIF) on Tuesday, the quotes for the May and June contracts at the close of trading amounted to:

milling wheat (May 2023) - 256.00 USD/t (20610 RUB/t) - minus 2.66%;
corn (June 2023) - 250.50 dollars / t (20170 rubles / t) - minus 2.71%;
sunflower (May on the SAFEX exchange - 8140.00 zar./t (35560 rubles/t) - minus 0.94%;
sunflower oil. (April, OTC index NTB SOEXP) - 862.01 USD/t (69400 RUR/t) - minus 0.713%.

Reference exchange rates as of 05/01/2023:
RUB 80.5093 = US dollar
RUB 88.3712 = Euro
RUB 59.1458 = Canadian dollar
RUB 43.6831 = 10 South African rand

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