Chicago wheat fell once more Monday, remaining near Friday’s five-week lows, as Türkiye’s ban on imports triggered worries about diminished demand and intensified competitors with Black Sea provides in export markets.
Corn rose after Friday’s losses, whereas soybeans fell.
The Chicago Board of Trade’s (CBOT) most-active wheat Wv1 fell 0.4% to $6.24 per half a bushel at 9:25 a.m. GMT.
Wheat on Friday hit its lowest since May 6 at $6.18 a bushel after Türkiye stated it might halt wheat imports from June 21 to at the very least Oct. 15 to guard farmers, guarantee home procurement of uncooked supplies and create a positive marketplace for producers.
Türkiye is the world’s fifth largest wheat importer, shopping for principally from Russia.
Corn Cv1 rose 0.2% to $4.49 per three-fourths a bushel. Soybeans Sv1 rose 0.02% to $11.79 per half a bushel.
“Wheat is still being weakened today by the news of Türkiye’s import ban,” stated Matt Ammermann, StoneX commodity danger supervisor.
“This would mean that Black Sea wheat, especially Russian, which would have gone to Türkiye, may now be sold elsewhere in competition to U.S. and other exporters.”
“The market seems to be tired of reports about weather damage to Russian crops and is seeking other factors to trade.”
There was further stress on wheat stemming from expectations of a bumper U.S. winter harvest, which have eased worries arising from Russian crop harm.
Russia stated on Friday it was declaring a federal emergency in 10 areas due to harm to crops from May frosts, a measure that can assist farmers with further funds however which officers stated shouldn’t derail export obligations.
Corn and soybeans had been drifting because the week begins, forward of news later this week from U.S. Department of Agriculture (USDA) crop reviews on Wednesday and the U.S. Federal Reserve (Fed) coverage assembly.
Analysts in a Reuters ballot estimated the USDA’s June 12 crop manufacturing report would forecast a harvest of 1.298 billion bushels of U.S. winter wheat, above the May estimate.
“Corn is seeing some buying interest after Friday’s fall. Overall, U.S. Midwest weather is looking positive, and the strong U.S. dollar is weakening soybeans,” Ammermann stated.
China imported 10.22 million metric tons of soybeans in May, customs information confirmed on Friday, beneath the degrees of a 12 months in the past however greater than April’s cargo volumes, nearly as good crush margins supported demand for cheaper Brazilian beans.
Large speculators elevated their internet quick place in CBOT corn futures within the week to June 4, regulatory information launched on Friday confirmed.
The Commodity Futures Trading Commission’s (CFTC) weekly commitments of merchants report additionally confirmed that noncommercial merchants, a class that features hedge funds, trimmed their internet quick place in CBOT wheat and elevated their internet quick place in soybeans.
Source: www.dailysabah.com