Wheat up 36-37 cents; corn up 8-10 cents; soy up 6-7 - CBOT

The possibility of Ukraine exports has impacted markets
calendar icon 7 June 2022
clock icon 2 minute read

Following are US trade expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade (CBOT) at 8:30 a.m. CDT (1330 GMT) on Monday, reported Reuters. 

WHEAT - Up 36 to 37 cents

Wheat firmed overnight, as the possibility of Ukrainian wheat exports is complicated by Russian negotiations, while rainfall across the Northern US Plains added support, preventing farmers from planting spring wheat.

The most-active wheat contract gained 3.56% overnight, its biggest gain since 16 May.

Russian President Vladimir Putin on Friday denied that Moscow was preventing Ukrainian ports from exporting grain and said the best solution would be to ship it through Belarus, as long as sanctions on that country were lifted. 

Ukraine's president said the country has 22 million to 25 million tonnes of grain currently blocked from export, which could grow to 75 million tonnes by the fall.

Meanwhile, Russian wheat export prices rose last week amid active supplies from the country's Black Sea ports, analysts said.

Egypt barred the entry of a ship carrying 55,000 tonnes of Indian wheat originally intended for Turkey because it did not meet quarantine requirements, Egyptian plant quarantine chief Ahmed El Attar said.

Farms across France were hit by heavy hail and fierce storms over the weekend, the National Farmers' Union Federation said, following a drought in May and as the wheat market already grapples with high volatility.

Brazil is testing a variety of drought-resistant, genetically modified wheat in a bid to become more self-sufficient in the staple crop as global supplies tighten.

CBOT July soft red winter wheat ended the overnight trading session 36-3/4 cents higher at $10.76-3/4 per bushel. July hard red winter wheat last added 37 cents to $11.58 a bushel, while MGEX July spring wheat last firmed 32-1/4 cents to $12.24.

CORN - Up 8 to 10 cents per bushel

Corn firmed after four down days, underpinned by strength in wheat and strength in oil markets. 

The US Environmental Protection Agency on Friday issued biofuel blending mandates for 2022 and the prior two years - with this year's number below one proposed in December - while denying oil refiners waivers to be exempt from the requirements.

CBOT July corn last traded up 8-3/4 cents at $7.35-3/4 per bushel.

SOYBEANS - Up 6 to 7 cents per bushel

Soybeans firmed overnight, supported by delayed planting across the northern United States as well as a stronger grains complex.

Malaysian producers said they are missing an opportunity to capitalise on high palm oil prices and could suffer more production losses due to a "severe" shortage of about 120,000 workers. 

CBOT July soybeans last added 9-1/2 cents to $17.07-1/4 per bushel.

Source: Reuters

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