Source: Ukragroconsult (Ukraine)
Soybean futures on the Chicago Mercantile Exchange fell to their lowest level since September 2020 on Thursday, according to traders, as favorable weather in the United States and weak demand drove prices lower.
August soybeans fell 6.5 cents to $10.22 a bushel, hitting a new low.
The most active November soybean futures fell 6 cents to $10.16-1/2 a bushel, hitting a contract low of $10.13 a bushel.
In August trading on the CBOT, soybean meal rose $1.8 to $355.9 a bushel. Soybean meal rose $1.8 to $355.9 per short ton. Soybean meal rose $1.8 to $355.9 per short ton.
CBOT August soybean oil futures fell 0.43 cents to 42.87 cents a pound.
According to traders, U.S. farmers have begun selling old crop soybeans as the likelihood of higher prices diminishes and they try to make room for the next crop.
According to the USDA, the US sold 132,000 tons of soybeans to China with delivery dates in 2024/2025.
According to the USDA, net export sales of soybeans for the week ending July 25 were 632,100 tons for 2024/2025, in line with forecasts of 300,000-900,000 tons.
The most active CBOT wheat rose in a choppy session on Thursday as damaging rains in France pushed futures higher, but gains were offset by weak demand for US wheat.
September red-grain winter wheat futures on the CBOT rose 4-3/4 cents to $5.32 a bushel.
KC hard red grain winter wheat futures rose 5.5 cents to $5.54.50 a bushel.
MGEX September spring wheat futures rose 7 cents to $5.88-1/2 a bushel.
Storms could again halt the wheat harvest in France after farmers made progress in hot weather earlier in the week.
Russia maintained its official forecast for this year’s grain harvest at 132 million tons, despite unfavorable weather conditions in many grain-producing regions.
The US Department of Agriculture reported net wheat export sales of 286,600 tons for the week ending July 25, while analysts had expected 250,000-550,000 tons.
Demand for US wheat remains weak despite weather conditions threatening crops in Europe and the Black Sea.
The most active CBOT corn futures fell to their lowest level since November 2020 on Thursday as forecasts for cool, rainy weather in the US Midwest boosted yield expectations and depressed prices.
CBOT September corn futures fell 3/4 of a cent to $3.82 a bushel after hitting a contract low.
The most active December corn fell 1.4 cents to $3.98.5 a bushel after hitting a contract low of $3.95 a bushel.
Traders reported that farmers are selling old crop corn as high prices fall and space is needed to store the new crop.
Ten CBOT corn contracts hit key lows. The most active corn contract ended the day below $4 for the second day in a row.
The USDA reported net exports of corn for 2024/2025 of 710,900 tons for the week ending July 25, in line with forecasts of 400,000-800,000 tons.
Canola futures on the ICE Futures Exchange fell to their lowest level since June on Thursday as soybean oil prices in Chicago came under heavy pressure.
European rapeseed and Malaysian palm oil also fell over the course of the day. Relatively favorable growing conditions for soybeans in the United States provided some selling pressure in that market, as did the favorable outlook for the canola crop in Manitoba and Saskatchewan.
However, production issues in Alberta were expected to provide some support as heat and drought reduced yield potential in that region.
According to market participants, the canola contract for November traded below its major moving averages, with a downside target of around CAD 600 per tonne.
Settlement prices are quoted in Canadian dollars per metric ton:
- November 608.80 -15.10
- January 616.80 -15.20
- March 624.20 -14.60
- May 630.40 -14.30