Wheat futures in Chicago fell to a two-week low this morning as the US Crop Conditions Report shows the condition of winter wheat is better than expected and worries about global deliveries are eased.
Soybeans are falling for the fifth year in a row, while corn is moderately weaker.
"Wheat supply problems have been more or less priced into the market," said a Singapore-based trader. "We have a large harvest from Australia, although there are quality issues."
Wheat and corn are expected to end November profitable while soybeans are in the red.
The US Department of Agriculture (USDA) published its last weekly harvest progress report for 2021 yesterday. 44% of US winter wheat was in good to excellent condition. That was stable compared to the previous week, analysts expected a slight decline.
Australia's most important raw materials forecasters raised its official estimate for the 2021/22 harvest.
Global wheat markets rallied early last week on concerns that excessive rainfall during harvest time was affecting the quality of wheat crops.
Egypt's state grain buyer announced yesterday evening that it had bought 600,000 tons of wheat in an international tender for delivery January 9-20.
The U.S. corn and soybean harvests are virtually complete, with the USDA reporting that both crops were 95% harvested by Nov. 21.
US soybean processing likely rose to a nine-month high of 5.868 million short tons, or 195.6 million bushels, in October, according to the average forecast of nine analysts polled by Reuters ahead of the USDA monthly report.
Big speculators increased their net long positions in CBOT corn futures for the week ending November 23, CFTC data shows.The weekly Commitment of Trader report from the Commodity Futures Trading Commission also shows that non-commercial traders, a category that includes hedge funds, reduced their net short positions in CBOT wheat and became net long in Soybeans alternated.
Soybeans are falling for the fifth year in a row, while corn is moderately weaker.
"Wheat supply problems have been more or less priced into the market," said a Singapore-based trader. "We have a large harvest from Australia, although there are quality issues."
Wheat and corn are expected to end November profitable while soybeans are in the red.
The US Department of Agriculture (USDA) published its last weekly harvest progress report for 2021 yesterday. 44% of US winter wheat was in good to excellent condition. That was stable compared to the previous week, analysts expected a slight decline.
Australia's most important raw materials forecasters raised its official estimate for the 2021/22 harvest.
Global wheat markets rallied early last week on concerns that excessive rainfall during harvest time was affecting the quality of wheat crops.
Egypt's state grain buyer announced yesterday evening that it had bought 600,000 tons of wheat in an international tender for delivery January 9-20.
The U.S. corn and soybean harvests are virtually complete, with the USDA reporting that both crops were 95% harvested by Nov. 21.
US soybean processing likely rose to a nine-month high of 5.868 million short tons, or 195.6 million bushels, in October, according to the average forecast of nine analysts polled by Reuters ahead of the USDA monthly report.
Big speculators increased their net long positions in CBOT corn futures for the week ending November 23, CFTC data shows.The weekly Commitment of Trader report from the Commodity Futures Trading Commission also shows that non-commercial traders, a category that includes hedge funds, reduced their net short positions in CBOT wheat and became net long in Soybeans alternated.
Source
Hansa Terminhandel GmbH