Wheat Futures Prices Fall Another 10.2% For the Week, Russian Production Forecast to Rise 13%

Wheat prices continued to slip on Friday, with French consultancy Agritel forecasting 2022/23 Russian wheat production to rise year-over-year more than 13%.  The USDA’s Thursday morning release of the June 30 Acreage report all-wheat acres firmed 1% higher from last season, with 47.1 million acres. September Chicago SRW futures fell 43 cents to $8.41. Wheat prices sank another 10.2% this week, after last week’s 10.5% losses, it leaves wheat still up 9% higher on the year. The futures are down almost … Continue reading “Wheat Futures Prices Fall Another 10.2% For the Week, Russian Production Forecast to Rise 13%”

Soybean Prices Sell Off after Demand Concerns in USDA’s Acreage Report and Midwestern Forecasts

Soybean prices selling on Friday picked up despite the initial bullish looking numbers from USDA’s Thursday morning release of the June 30 Acreage report. USDA took off 2.6 million acres from the March 31 soybean planting estimate, dropping it to 88.3 million acres.  However, the results for soybeans hinted at smaller than expected demand usage rates between March 1, 2022 and June 1, 2022. Favorable Midwestern forecasts along with lurking recession worries added to demand worries. July futures tumbled 53 … Continue reading “Soybean Prices Sell Off after Demand Concerns in USDA’s Acreage Report and Midwestern Forecasts”

Soybean Prices Bounce Off Four Week Lows Friday with Support from Corn and Other Commodities

Soybean prices recovered on Friday following some other commodities higher such as corn and crude oil after seeing four-week lows earlier in the week. July futures rose 15.75 cents to $16.09, with August futures up 10.5 cents to $15.25. Soybeans have been tracking lower palm oil prices as Indonesia is allowing more exports after they had capped them cap earlier in the year. China’s national grain trade center announced Friday it will auction 18.4 million bushels of its imported soybean … Continue reading “Soybean Prices Bounce Off Four Week Lows Friday with Support from Corn and Other Commodities”

Wheat Futures Prices Fall 10.5% For the Week, Egypt has Strategic Reserves For 5.7 Months

Wheat prices sank 10.5% on the week erasing some of the inflationary pressures, though it leaves wheat still up 22% higher on the year. The futures are down almost 50% from the pandemic break up. On Friday most contracts were down another 1.25% as harvest progress across the Northern Hemisphere continues to be the overriding factor. After the market close Egypt, the world’s top wheat importer and sources a large percentage of its supplies through Ukraine, has strategic reserves of … Continue reading “Wheat Futures Prices Fall 10.5% For the Week, Egypt has Strategic Reserves For 5.7 Months”

Soybean Prices at Four Week Lows Dragged Down by Lower Palm Oil Prices

Soybean prices pulled back Tuesday to a four-week low. Soybeans are tracking lower palm oil prices as Indonesia is allowing more exports after they had capped them cap earlier in the year. Soybean prices saw a spillover weakness from corn and wheat spurred some technical selling today also. Soybeans at $16.67 USD/Bu are within striking distance from the record-high of $18 hit in 2012 underpinned by concerns hot weather in the US could damage yields. Another deep concern is soaring … Continue reading “Soybean Prices at Four Week Lows Dragged Down by Lower Palm Oil Prices”

Wheat Futures Prices Recover Some of Last Week’s Sell off on Steady WASDE Report

Wheat prices closed mostly higher Friday after the USDA’s latest World Agricultural Supply and Demand Estimates report (WASDE). The report had nothing particularly new, USDA’s outlook for wheat includes a trend of increased supplies, steady domestic use, unchanged exports and higher stocks. The move higher of the week of 3% felt a lot like technical buying and position squaring on last week’s 10% tumble on Putin’s promises of opening up shipments. Wheat Futures Highlights Wheat dipped 3.0% on the week … Continue reading “Wheat Futures Prices Recover Some of Last Week’s Sell off on Steady WASDE Report”

Soybean Prices Trade Near Decade Highs with Robust Export Demand

Soybean prices pulled back Friday more than 1% despite USDA showing tightening domestic stocks and robust export demand in the WASDE report. The report cited strong export sales and a reduced export forecast for Brazil. The move was more around profit taking with prices seeing the highest level in nearly a decade earlier this week. Soybeans Futures Highlights U.S. soybean futures closed Friday more than 1% lower. July futures fell 21 cents to $17.48, with August futures down 17.75 cents … Continue reading “Soybean Prices Trade Near Decade Highs with Robust Export Demand”

Soybean Prices Take a Breather on Softer Chinese Export Demand

Soybean prices pulled back Friday after reports showed Chinese export demand was softer. Soybean export shipments were down 36% from the prior four-week average, with 14.9 million bushels.  The highs have been fueled by unseasonal buying on Brazil’s drought shortfalls earlier this spring. Beans are churning in a channel from ebbs and flows on general optimism over current supply and demand fundamentals. Soybeans Futures Highlights U.S. soybean futures closed Friday $0.10-$0.30/bushel lower. Cash soybean prices largely unchanged at processors and river … Continue reading “Soybean Prices Take a Breather on Softer Chinese Export Demand”

Wheat Futures Prices Tumbled 10% on The Week After Putin says Opening up Black Sea

Wheat prices fell hard on Friday after a Putin interview promising the shipping of Wheat exports, he blamed Ukraine, the US and the UK. He also never mentioned the effect of the war and praised Belarussia as a solution. While there is obvious trepidation in the reality the headlines triggered algorithm selling. Chicago and Kansas City futures ended $0.17-$0.20/bushel lower. Planting shortfalls in North Dakota and Minnesota appeared to put a base in the selling. Wheat Futures Highlights Wheat dipped … Continue reading “Wheat Futures Prices Tumbled 10% on The Week After Putin says Opening up Black Sea”

Wheat Futures Prices Influenced by Higher EU Poduction Numbers

Wheat prices rallied on Friday with the other grains into the long Memorial Day weekend but still finished down 1% on the week. Weakness came earlier in the week from the EU raising its soft wheat production estimates. Strength came from South Korea purchasing 4.6 million bushels of wheat sourced from the United States, Canada and Australia in a tender that closed on Thursday with one-third sourced from the U.S. Wheat Futures Highlights Wheat dipped 1.0% on the week (up 50% … Continue reading “Wheat Futures Prices Influenced by Higher EU Poduction Numbers”