CBOT wheat futures climbed for a seventh trading day on Friday, with the most-active contract setting the largest weekly advance since the start of the Russia-Ukraine war. Investors kept a close eye on dry conditions in wheat producing regions of Russia and the US. Rain forecasted for parts of Russia and Kansas as well as continued exports of cheap Russian wheat could cool the rally and keep a lid on prices going into next week. Funds bought 1.500 contracts. As of April 23 funds were 14,4 million tonnes net short in wheat futures. Technically, July wheat may move within the range $ 5,80/$ 6,30 in the short term.
CBOT corn futures turned lower on signs of profit-taking and as market participants watched for potential weather impacts to the pace of spring planting in the US Midwest. Funds sold 2.000 contracts. Export sales of US corn are running above last year’s pace by 7,53 million tonnes, suggesting 2023/24 exports of 1.960 million bushels, compared with the current official estimate of 2.100 million bushels. As of April 23 funds were 30,4 million tonnes short in corn futures. Technically, July corn may trade within the range $ 4,30/ $ 4,55 in the short term.
ICE canola futures dipped slightly on Friday for the third straight session as spillover weakness from soybeans pushed canola prices below key technical levels. The July contract declined below several key moving averages, leading to technical selling by commodity funds and small speculators. Most-active July canola settled down $ 2,50 at $ 634,40, with main technical support around $ 600.
CBOT soybean futures eased on Friday, pressured by continued competition from cheaper South American supplies. Argentina’s soybean harvest continues to progress and plentiful supplies from South America make US soy less competitive. Funds sold 2.000 contracts of soybeans and 1.500 contracts of soymeal, but were even in soyoil. Export sales of US soybeans are lagging behind last year’s pace by 8,92 million tonnes, suggesting total 2023/24 exports of 1.665 million bushels ( USDA 1.700 million ). As of April 23 funds were 22,3 million tonnes short in soybeans, 1,8 million tonnes short in soyoil and 1,8 million tonnes long in soymeal. Technically, July soybeans may test its contract low of $ 11,40 ½ . Crude oil rose by 28 cents to $ 83,85, with support at $ 83.
Bron: Stigevo