Latest news with #Sovecon
Zawya
11-07-2025
- Business
- Zawya
Corn, soybeans set for weekly declines on favourable US weather
SINGAPORE - Chicago corn and soybean futures edged higher on Friday but both markets were poised to end the week in negative territory, as near-ideal weather across the U.S. Midwest raised expectations for robust supplies. Wheat prices inched higher for a second session, supported by lower export volumes from top supplier Russia. "There is an oversupply of grains and oilseeds in the market and U.S. monthly report later today is likely to reinforce that," said a grains trader in Singapore, requesting anonymity. The U.S. Department of Agriculture is due to issue its monthly crop estimates later on Friday. The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $4.16-3/4 a bushel, as of 0245 GMT, and soybeans added 0.2% to $10.15-1/4 a bushel. Wheat edged 0.1% higher to $5.54-3/4 a bushel. For the week, corn has lost 4.6%, the biggest weekly drop since late February. Soybeans have dropped 3.2%, giving up much of last week's gains while wheat has slid marginally. Favourable Midwest weather continues to hang over corn and soybean markets, fuelling expectations of bumper U.S. harvests that would add to big crops in rival exporter Brazil. The Russian government on Thursday ordered measures to boost agriculture exports after international sales of wheat fell to their lowest since 2008, while traders are saying the new crop has been slow to come to the Black Sea terminals. The Sovecon consultancy estimates July wheat exports at 2 million-2.5 million tons, compared with 3.67 million tons in July 2024. Supply tensions could be short-lived, with the Russian harvest expected to accelerate in the coming days, according to traders. China's wheat output dipped 0.1% in 2025 from a year earlier, official data showed on Thursday, which is likely to limit the country's need to purchase grains from the international market. Commodity funds were net buyers of CBOT corn, soybean, soymeal, wheat and soyoil futures contracts on Thursday, traders said.
Business Recorder
09-07-2025
- Business
- Business Recorder
Wheat steady-down 3 cents, corn mixed, soy steady-down 5
CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Wednesday. Wheat - Steady to down 3 cents per bushel CBOT wheat ticked down as an advancing northern hemisphere harvest kept a lid on prices. Consultancy Sovecon said on Tuesday it had raised its forecast for Russia's wheat exports for the 2025-2026 season by 2.1 million metric tons to 42.9 million tons, reflecting improved crop prospects and competitive prices. Wetter weather in the Northern Plains is expected to offer a late moisture boost to spring wheat, according to forecaster Commodity Weather Group. The lowest price offered in an international tender from Bangladesh's state grains buyer to purchase and import 50,000 metric tons of wheat on Wednesday was assessed at $268.90 a metric ton CIF liner out, European traders said. CBOT September soft red winter wheat was last down 1-1/4 cents to $5.46-1/2 per bushel. K.C. September hard red winter wheat was last down 2 cents to $5.20-1/2 per bushel. Minneapolis September wheat was last down 2-3/4 cents to $6.27 a bushel. Wheat steady-down 5 cents, corn down 1-4, soy mixed Corn - Up 1 to down 2 cents per bushel CBOT corn was pressured by unfolding U.S. tariff policy announcements and favorable U.S. crop prospects. U.S. President Donald Trump said late on Tuesday on Truth Social that 'a minimum of seven' tariff notices would be released on Wednesday morning, and more in the afternoon. Tariffs against goods from other countries can lead to retaliation against U.S. agricultural exports. Drier but mild weather in the U.S. Midwest is expected to limit stress concerns for the crop in the next few weeks, according to Commodity Weather Group. CBOT December corn was last down 2 cents to $4.12-1/4 per bushel. Soybeans - Steady to down 5 cents per bushel CBOT soybean futures Chicago fell for a third day as traders wrestled with U.S. tariff announcements and monitored favorable U.S. crop prospects. Non-threatening weather is expected in the U.S. Midwest in the coming weeks, according to forecasters. November soybeans were last down 4-1/2 cents to $10.13 per bushel.
Business Recorder
08-07-2025
- Business
- Business Recorder
Russian wheat export prices higher
MOSCOW: Russian wheat export prices rose towards the end of last week along with global prices, while shipments at the start of the season remain low. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery in August was $225 per metric ton at the end of last week, up $3 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy. 'In my opinion, the price has risen, as it is still obvious that our harvest is not expected to be an outstanding one. In addition, exports from Europe and Ukraine have dried out, and this also had an impact,' he said. The SovEcon consultancy estimated new crop offers at $225-$228 per ton, at the same level as a week earlier. Wheat exports last week fell to 0.1 million tons from 0.19 million tons a week before, the agency said. Sovecon maintained its estimate of wheat exports in June at 1.2 million tons. IKAR has raised its estimate to 1.3 million tons from 1.2 million tons. IKAR's wheat export estimate for July is between 2.2 and 2.3 million tons. The export duty on wheat, which the Russian Ministry of Agriculture calculates weekly, fell to zero for the first time last week. It will be in effect during the second week of the new season from July 9 to July 15. On Friday, the agriculture ministry reported that the sowing campaign in Russia was almost complete
Zawya
26-06-2025
- Business
- Zawya
Chicago soybeans hover near 11-week low despite modest rebound
BEIJING - Chicago soybean futures edged higher on Thursday but remained near an 11-week low as favourable U.S. Midwest weather and selling pressure weighed on the market. The most active soybean contract rose 0.05% to $10.19 per bushel, following four sessions of consecutive losses. Warm, rainy weather has created ideal conditions for soybeans and corn crops. Selling pressure ahead of the first notice date for the July soybean, wheat and corn contracts added to the bearish tone. In Brazil, the National Energy Policy Council (CNPE) on Wednesday approved increasing the level of biofuels mixed into fossil fuels. The move could boost domestic demand for soyoil as a key biofuel feedstock. Corn dropped 1.16% to $4.05-4/8 a bushel, hitting its lowest level since October, pressured in part by expectations of a large Brazilian crop. Wheat eased 0.05% to $5.44-2/8 a bushel, weighed down by ample global supply outlooks and favourable weather. Agricultural consultancy Sovecon said on Wednesday it had slightly raised its forecast for Russian wheat production for 2025 to 83.0 million metric tons, citing improved crop conditions in parts of central Russia. Traders are watching for the U.S. Department of Agriculture's crop progress and quarterly stocks reports due Monday. Commodity funds were net sellers of Chicago Board of Trade corn, soybeans, wheat and soymeal futures contracts on Wednesday, traders said. Traders were net buyers of soyoil contracts.
Business Recorder
26-06-2025
- Business
- Business Recorder
Chicago soybeans hover near 11-week low despite modest rebound
BEIJING: Chicago soybean futures edged higher on Thursday but remained near an 11-week low as favourable U.S. Midwest weather and selling pressure weighed on the market. The most active soybean contract rose 0.05% to $10.19 per bushel, following four sessions of consecutive losses. Warm, rainy weather has created ideal conditions for soybeans and corn crops. Selling pressure ahead of the first notice date for the July soybean, wheat and corn contracts added to the bearish tone. In Brazil, the National Energy Policy Council (CNPE) on Wednesday approved increasing the level of biofuels mixed into fossil fuels. The move could boost domestic demand for soyoil as a key biofuel feedstock. Corn dropped 1.16% to $4.05-4/8 a bushel, hitting its lowest level since October, pressured in part by expectations of a large Brazilian crop. Chicago soybeans rebound after early pressure from weaker soyoil; corn, wheat dip Wheat eased 0.05% to $5.44-2/8 a bushel, weighed down by ample global supply outlooks and favourable weather. Agricultural consultancy Sovecon said on Wednesday it had slightly raised its forecast for Russian wheat production for 2025 to 83.0 million metric tons, citing improved crop conditions in parts of central Russia. Traders are watching for the U.S. Department of Agriculture's crop progress and quarterly stocks reports due Monday. Commodity funds were net sellers of Chicago Board of Trade corn, soybeans, wheat and soymeal futures contracts on Wednesday, traders said. Traders were net buyers of soyoil contracts.
