Prices for wheat have sharply decreased on CBOT, KCBT, and MGE.

March quotes for soft winter wheat on the Chicago Board of Trade CBOT fell to $201.54 per ton, March hard winter wheat futures on the Kansas City KCBT dropped to $200.07 per ton, and March hard spring wheat futures on MGE in Minneapolis decreased to $217.24 per ton.

Wheat suffered losses on three markets ahead of Thanksgiving in the USA. December SRW futures in Chicago closed at $5.37-3/4, down 1 ¾ cents. March SRW futures in Chicago closed at $5.48-1/2, down 9 ½ cents.

December HRW futures in Kansas City closed at $5.26-1/4, down 24 ¼ cents. March HRW futures in Kansas City closed at $5.44-1/2, down 14 ¼ cents.

December spring wheat futures in Minneapolis closed at $5.64 1/2, down 13 cents. March spring wheat futures in Minneapolis closed at $5.91-1/4, down 10 ¼ cents.

Government and market agencies in the USA will be closed on Thursday for Thanksgiving, while exchanges will operate with a shortened session on Friday morning, ending at 12:05 Central Time.

According to a Reuters survey, trading operations are expected to range from 200,000 to 600,000 tons of wheat sales for the week of November 21-25 before the export sales report is released on Friday.

On Tuesday, 140,000 to 150,000 tons were purchased at the Algiers market. Paris futures for milling wheat faced some pressure on Wednesday.

Yields during the early harvest in Western Australia turned out to be higher than expected. Analysts foresee a larger overall harvest across the country than previously anticipated. The latest official assessment by the agricultural department estimates wheat production at 31.8 million tons in the 2024–2025 season, roughly 20% higher than the previous season and compared to the five-year average.

The USDA raised its crop condition assessment for the fourth consecutive week.

Weather in Ukraine in November has been generally favorable for the development of winter crops, although some seedlings are still not fully formed due to prolonged drought early in the agricultural year, according to the state meteorological service.

In the current season, soft wheat exports from the EU have decreased by 30% compared to the previous season, standing at 9.15 million tons on November 24, compared to 13.08 million tons in the same period last year, according to Eurostat data.

The corn market remained stable.

December corn futures in Chicago closed at $4.15-3/4, down 4 ¼ cents. March corn futures in Chicago closed at $4.28, unchanged.

Prior to the Friday report, corn season 2024/25 orders from November 21-25 are expected to range from 0.8 to 2 million tons, and season 2025/26 sales from 0 to 100,000 tons.

On Wednesday morning, Taiwan officially tendered to buy a total of 65,000 tons of American corn.

Additionally, Trump announced that upon taking office on January 20, he will increase tariffs on Chinese imports by 10% and impose a 25% tariff on goods from Canada and Mexico.

In the long term, any retaliatory measures by China will be unfavorable for the American soybean and corn markets.

Soybeans became active ahead of Thanksgiving. January soybean futures closed at $9.89-1/4, up 5 ¾ cents. March futures stood at $9.97-3/4, up 3 ¾ cents.

Soy futures rose during a volatile session on the Chicago Board of Trade on Wednesday due to the weakness of the US dollar and support for high soy meal prices. However, a sharp drop in soybean oil prices limited the growth.

On Wednesday morning, the USDA announced a deal with China for the export of 132,000 tons of soybeans for the 2024/25 season.

Soybean exports are expected to range from 1.5 to 2.5 million tons for the 2024/25 season from November 21-25, according to Reuters analysts, and sales ranging from 0 to 100,000 tons for the 2025/26 season.

On the Chicago Board of Trade CBOT on Wednesday, the following quotes were observed for March and January delivery:

wheat (Mar 2024) – $201.54 per ton (21170 rubles per ton) - down 1.70%;
corn (Mar 2024) – $168.50 per ton (17700 rubles per ton) - unchanged;
soybeans (Jan 2024) – $363.30 per ton (38170 rubles per ton) - up 0.53%;
rice (Jan 2024) – $743.26 per ton (78090 rubles per ton) - up 0.30%;
canola (ICE, Jan 2024) – $564.60 cad/ton (42430 rubles per ton) - down 2.66%.

The French wheat market fell on Wednesday. By the end of the trading day, December milling wheat prices on the MATIF exchange fell to €214.25 per ton (equivalent to $224.66). March wheat prices dropped to €222.50 per ton (equivalent to $233.31). March corn prices decreased to €205.00 per ton (equivalent to $214.96).

At the MATIF in Paris on Wednesday, closing quotes for January and March contracts were as follows:

soft wheat (Mar 2024) – $233.31 per ton (24510 rubles per ton) - down 1.51%;
corn (Mar 2024) – $214.96 per ton (22580 rubles per ton) - down 1.52%;
sunflower (on SAFEX exchange, Jan) – 10711.00 zar/ton (62000 rubles per ton) - unchanged;
sunflower oil (22.11.2024 Rotterdam, in bulk FOB) – $1255.00 per ton (131850 rubles per ton).

Exchange rates on 27.11.2024: 105.0604 rubles = 1 US Dollar, 110.4943 rubles = 1 Euro, 75.1505 rubles = 1 Canadian Dollar, 57