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Markets

U.S. grains: Wheat rallies on fresh round of purchases by China

Soybeans ended narrowly mixed as traders monitored Brazil weather; corn rose for fifth straight session

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Wheat rose after U.S. Department of Agriculture (USDA) confirmed private sales of 198,000 metric tons of U.S. soft red winter wheat to China, the second such sale in as many days. Monday's announcement that China had purchased 440,000 tons of the grain, the largest one-off U.S. wheat export sale to China since at least 2020, added impetus to a recent rally.
Brazil muscles into wheat market
Cereals, Markets

Brazil muscles into wheat market

The agricultural superpower will be a fierce competitor, but is mainly striving for self-sufficiency

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Glacier FarmMedia – Canadian wheat exporters are facing a new competitor in their second biggest market. “The rapid emergence of Brazil as an exporter in Indonesia and other foreign markets has been remarkable,” the U.S. Department of Agriculture said in its recent Grain: World Markets and Trade report. Indonesia bought 2.14 million tonnes of bulk
(Dave Bedard photo)
Crops, Markets

Higher canola, wheat production expected in StatCan report

Traders raise concerns about report accuracy

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MarketsFarm — There was a consensus among several traders and analysts that Statistics Canada will very likely raise its estimates on canola and wheat production for 2023-24. Yields on the Prairies were better than expected following a difficult first half of the growing period, as the weather improved during the second half. StatCan is set
CBOT March 2024 soft red winter wheat with 20-day moving average, MGEX March 2024 hard red spring wheat (yellow high/low/close) and K.C. March 2024 hard red winter wheat (orange H/L/C). (Barchart)
Crops, Markets

U.S. grains: Chicago wheat, corn rally as export sales top forecasts

Soybeans lower in narrow trading

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Chicago | Reuters — Chicago wheat and corn futures climbed more than one per cent on Thursday as traders covered more short positions following a slump to multi-year lows and as weekly export sales topped forecasts and included sizeable purchases by major importer China. Soybeans were lower in range-bound trading after the U.S. Department of
Canola market sees wide range of trade
Grain Markets, Markets

Canola market sees wide range of trade

The U.S. Thanksgiving break moved participants to the sidelines and lowered volume

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The ICE Futures canola market traded within a wide range during the week ended Nov 23. Price moves were exaggerated by thin volumes as the United States Thanksgiving holiday saw many participants move to the sidelines. The January canola contract briefly tested its 50-day moving average, settling above the key chart point for the first time in over two months.
Detail from the front of the CBOT building in Chicago. (Vito Palmisano/iStock/Getty Images)
Crops, Markets

CBOT weekly: Mostly bullish influences on soy, corn, wheat

China increasing imports, Brazil in weather bind

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MarketsFarm — While extreme weather differences in Brazil remained the main focus of the Chicago Board of Trade’s attention, increased imports by China were becoming another major factor, according to Terry Reilly, senior agricultural specialist for Marex in Chicago. “People are watching China’s increased demand for soybeans, wheat and potentially corn,” Reilly said, noting the
(Dave Bedard photo)
Crops, Markets

ICE weekly outlook: Canola prices could rebound

'There's nothing all that exciting to look at'

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MarketsFarm — Winnipeg-based trader Ken Ball from PI Financial is cautiously optimistic that canola prices can rebound in the short term. The January canola contract closed at $702.30 per tonne on Wednesday a weekly loss of $7.40. The contract fell below the $700 level on U.S. Thanksgiving on Nov. 23, a day with little volume.
Photo: Greg Berg
Crops, Markets

U.S. grains: Chicago wheat finishes higher on short covering

Soybeans nearly unchanged, drought in Brazil looms over production

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Chicago | Reuters — Chicago wheat futures climbed more than two per cent on Wednesday, extending gains from the previous session as traders covered their short positions ahead of month-end and first notice day for the spot December contract. Soybeans retreated in early trading before recovering as traders accessed adverse crop weather in Brazil. Corn

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