Latest news with #CBOT
Yahoo
4 days ago
- Business
- Yahoo
Wheat Getting a Friday Morning Bounce Back
Wheat is trading with gains across the three markets on Friday morning, in some cases of as much as double digits in KC. A weaker dollar is supportive. The wheat market faced losses on Thursday, spearheaded by the soft red wheat market. CBT prices were 7 to 8 cents per bushel lower. Preliminary open interest was up 13,486 contracts. KC contracts were 5 to 6 cents lower, and MPLS spring wheat was mostly 4 to 5 cents lower at the close. KC preliminary OI showed new short interest, up 3,682 contracts. A stronger US dollar index was doing the market no favors as Northern Hemisphere harvest supplies are becoming widely available. The spring wheat crop tour begins next week. USDA released their Export Sales report on Thursday morning, with sales coming in the range of traders estimates of 300,000 to 700,000 MT, at 494,400 MT. Mexico and Venezuela were the leading destinations. More News from Barchart Coffee Prices Retreat Due to a Stronger Dollar Cocoa Prices Finish Sharply Lower as Global Cocoa Demand Craters Dollar Strength Sparks Long Liquidation Pressures in Coffee Futures Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. The Rosario Grains Exchange estimates the 2025/26 Argentina wheat crop at 20 MMT, vs. the 20.7 MMT reported last year. FranceAgriMer estimates the French wheat crop at 69% gd/ex, up 1 point from the previous week, with harvest moving along at 71 %, compared to 36% last week. Sep 25 CBOT Wheat closed at $5.33 1/2, down 7 3/4 cents, currently up 9 1/2 cents Dec 25 CBOT Wheat closed at $5.54 1/4, down 7 1/2 cents, currently up 10 cents Sep 25 KCBT Wheat closed at $5.17 1/2, down 5 1/4 cents, currently up 11 cents Dec 25 KCBT Wheat closed at $5.40, down 5 1/4 cents, currently up 11 1/2 cents Sep 25 MGEX Wheat closed at $5.95, down 4 1/2 cents, currently up 3 1/2 cents Dec 25 MGEX Wheat closed at $6.16 3/4, down 4 1/4 cents, currently up 3 cents On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
4 days ago
- Business
- Business Recorder
Soybean heads for 3% weekly gain on US demand hopes
CANBERRA/PARIS: Chicago soybean futures rose for a third consecutive session on Friday, on track for a weekly gain of more than 3%, supported by hopes for improved U.S. exports and expectations that the country's biofuel policy would boost demand for soyoil. However, plentiful supply from South America and projections of a large U.S. harvest capped further gains. Corn futures also rose and were set to end the week up nearly 4% due to a wave of bargain-hunting and short-covering, though supply remains ample. Wheat climbed but was headed for a weekly loss of about 0.5% amid seasonal pressure from ongoing northern hemisphere harvests. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 1.3% at $10.39-3/4 a bushel by 1119 GMT. A weaker dollar helped propel gains by making U.S. farm goods cheaper for overseas buyers. U.S. policies restricting the range of non-soy feedstocks that can be used to make biodiesel lifted soyoil, but beans will struggle to sustain a rally, said Tobin Gorey, founder of commodities consultancy Cornucopia. Ample supply pushes soybeans below $10 a bushel 'Soybean supply is neutral,' he said. 'There's not a lot of traction for prices.' U.S. soybean export sales in the week ended July 10 reached 529,600 metric tons for 2025-26 shipment, the U.S. Department of Agriculture (USDA) said, beating analysts' expectations. The USDA also this week reported a sale of 120,000 tons of U.S. soybeans to 'unknown destinations', triggering speculation that China might be the buyer and could buy again. A trade deal between the United States and Indonesia could boost U.S. soy exports. However, oilseed lobby group Abiove raised its forecast for Brazil's 2024/25 soybean exports and the Rosario Grains Exchange lifted its estimate for Argentina's 2024/25 harvest. In other crops, CBOT corn was up 1.5% at $4.27-3/4 a bushel and wheat was 1.7% higher at $5.42-3/4 a bushel.
Yahoo
6 days ago
- Business
- Yahoo
Wheat Sees Modestly Mixed Trade on Wednesday
Wheat posted mixed trade on Wednesday, with most contracts hard red contracts lower and soft red heading higher. Chicago SRW wheat was mostly 3 to 4 higher, vs. losses on Tuesday. KC HRW futures were fractionally to a penny lower across the front months. MPLS spring wheat futures were down 1 to 2 cents. USDA will release their Export Sales report on Thursday, with traders looking for 2025/26 wheat bookings in a range of 300,000 to 700,000 MT. More News from Barchart Coffee Prices Fall Back After Monday's Surge Coffee Prices Fall Back After Monday's Surge Cocoa Prices Fall on Weak Malaysian Demand Report Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Wire reports from Europe indicate that OAIC in Algeria purchased up to 1 MMT of milling wheat on Tuesday. Exact quantities and origins are not announced, but shipment is for September and October. While France has historically been a supplier, Bulgaria and the Black Sea have been capturing much of the recent business. A Taiwan wheat importer purchased a total of 89,650 MT of wheat from the US in their tender overnight. FranceAgriMer estimates soft wheat ending stocks for the French wheat crop at 3.87 MMT, which would be above the 2.33 MMT from last year. Sep 25 CBOT Wheat closed at $5.41 1/4, up 3 1/4 cents, Dec 25 CBOT Wheat closed at $5.61 3/4, up 3 cents, Sep 25 KCBT Wheat closed at $5.22 3/4, down 1 cent, Dec 25 KCBT Wheat closed at $5.45 1/4, down 3/4 cent, Sep 25 MGEX Wheat closed at $6.00 1/2, down 1 3/4 cents, Dec 25 MGEX Wheat closed at $6.20, down 1 1/4 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
Chicago corn and soybeans sink to effective 19-year lows
NAPERVILLE, Illinois, July 16 (Reuters) - Chicago corn futures hit contract lows yet again this week and soybeans have been flirting with single-digit prices as ample U.S. harvests are on the docket. December corn still hovers just above last year's levels and November soybeans are at five-year lows for the date. But adjusting for inflation puts month-to-date averages for both corn and soybeans at the lowest July levels since 2006. This grim milestone comes as U.S. exporters struggle to defend their once-impenetrable global grain and oilseed market share against ever-expanding Brazilian production. Sagging prices are especially painful for U.S. farmers since input costs remain relatively high. Corn prices have tumbled at least 30% since mid-2022, both in nominal and adjusted terms. But the national average cost to produce corn this year is only 3% lower than in 2022, and 11% lower if inflation is considered. This means that $4-per-bushel corn is not the same as the years-ago $4 corn, even though current U.S. supply predictions are historically modest. So far this month, CBOT December corn and November soybeans have averaged $4.21 and $10.20 per bushel, respectively. That compares with full-month 2024 averages of $4.12 and $10.67. U.S. data on Tuesday showed the June Consumer Price Index up 2.7% on the year, lifting the average July 2024 corn price to $4.23 in real terms, just above the current levels and matching July 2020's adjusted price. In nominal dollars, there have been 11 Julys since and inclusive of 2006 in which average corn prices were lower than the current ones. But inflation-adjusted, today's $4.21 is the lowest since $4.19 per bushel in 2006 ($2.65 nominal). There have been nine Julys since 2006 in which nominal soybean prices were lower than this month's running average of $10.20. Once again, after adjustment, this is the lowest since 2006 ($9.74 per bushel; $6.15 nominal). Both corn and soybeans have enjoyed a bounce so far this week. But prices are well off yearly highs set back in February, when insurance guarantees to U.S. farmers are set for the upcoming harvest. However, price weakness since then has not been out of the ordinary, a potentially unfriendly factor for hopeful bulls. December corn so far this month is trading 10% lower than the average February price, a smaller loss than in the previous two years. November soybeans are about 3% lower than in February, though larger declines were observed over this period in four of the last seven years, including 2024. The U.S. Department of Agriculture predicts 2025-26 U.S. corn ending stocks to rise 24% on the year. This follows a projected 24% decline throughout 2024-25, which ends on August 31. A year ago, a 12% increase was projected for 2024-25, similar to the comparable 2020-21 forecast for an 18% rise. Recall that adjusted corn prices in July 2020 and 2024 were nearly identical with the current ones, at least partly validating the current supply-price dynamic. The argument is weaker when comparing the volumes. Predicted 2025-26 corn carryout of 1.66 billion bushels is 21% and 37%, respectively, below the 2024-25 and 2020-21 outlooks at this same point. But the market may very well be trading a 2025-26 carryout closer to 2 billion bushels given the huge upside considerations for corn yield, aiding the case for low prices. 2025-26 U.S. soybean ending stocks are pegged to fall 11% on the year, the first year-on-year supply decline projected in July since 2020 (-32%). A 24% reduction was predicted in July 2019, though the adjusted average soybean prices during those two Julys exceed $11 per bushel. The July predictions for 2019-20 and 2020-21 U.S. soy carryout, 795 million and 425 million bushels, respectively, safely exceed the 2025-26 estimate of 310 million. This could be a supportive factor for bean prices, particularly if August weather forecasts turn unfavorable. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, opens new tab can help you keep up. Follow ROI on LinkedIn, opens new tab and X., opens new tab
Zawya
6 days ago
- Business
- Zawya
Corn extends rebound, wheat stuck at two-week low
Chicago corn futures rose for a third day on Wednesday to extend a recovery from contract lows, with favourable U.S. crop conditions seen as priced in, analysts said. Soybeans also gained ground to move away from a three-month low struck earlier this week, but Chicago wheat inched down to hold around a two-week low from Tuesday. The most-active corn contract on the Chicago Board of Trade (CBOT) was up 1.3% at $4.25-1/4 a bushel by 1232 GMT. New-crop December futures hit a contract low of $4.07-1/2 on Monday. "Following a new low reached on Monday, a wave of short-covering by funds provided support to corn," Argus analysts said in a note. "Additionally, although its crop rating remains very strong, it did not improve as of Monday evening." The U.S. Department of Agriculture (USDA) said on Monday that 74% of the U.S. corn crop was in good-or-excellent condition - the highest score for the time of year since 2016 but unchanged from the previous week. CBOT soybeans were up 1.0% at $10.11-3/4 a bushel after touching $9.98-1/4 on Monday, their lowest since April 9. U.S. soybean crop conditions, which improved last week to also reach their highest since 2016, have weighed on prices. The oilseed market found some support in monthly U.S. soybean crushing volumes, which topped an average of trade expectations and reached the highest-ever level for June, according to National Oilseed Processors Association data released on Tuesday. CBOT wheat was 0.3% down at $5.36-1/4 a bushel. Consultancy Sovecon said on Wednesday that it had raised its Russian wheat crop forecast to 83.6 million tons from 83.0 million previously. The wheat market had found some support in the past week from delays to harvesting and export loadings in Russia, though analysts expect supplies to build in the rest of July as harvesting accelerates. News that major importer Algeria had booked around 1 millions tons of wheat in a tender on Tuesday, according to trader estimates, also lent some support to wheat. However, favourable supply prospects remained a curb on grain prices. Uncertainty over the effects of U.S. President Donald Trump's sweeping tariffs for both agricultural trade and the wider economy also hung over grain markets. Prices at 1232 GMT Last Change Pct Move CBOT wheat 536.25 -1.75 -0.33 CBOT corn 425.25 5.50 1.31 CBOT soy 1011.75 10.00 1.00 Paris wheat 199.25 -1.00 -0.50 Paris maize 206.50 0.75 0.36 Paris rapeseed 474.25 -2.00 -0.42 WTI crude oil 65.71 -0.81 -1.22 Euro/dlr 1.16 0.00 0.01 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton
