Chicago | Reuters — U.S. soybean futures fell on Wednesday, pressured by weather forecasts that will allow farmers to make good progress on the end of their planting tasks as well as concerns about demand from China.
Chicago Board of Trade wheat futures also were weaker, with the market setting back on reports that Russia was ready to provide humanitarian corridors for food shipments out of Ukraine.
But corn futures ended firm after trading in negative territory for much of the day, with a round of technical buying pulling the market from its lowest in nearly seven weeks.
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U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
Farmers in key growing areas of the U.S. such as North Dakota and Minnesota were finally able to access fields after rain and cold weather pushed planting well beyond the typical schedule.
“The only place in the bean belt that is dry today is where it needs to be dry, the northern Plains,” Charlie Sernatinger, global head of grain futures at ED+F Man Capital, said in a note to clients.
Chicago Board of Trade July soybeans settled down 12 cents at $16.81 a bushel, with soyoil and soymeal also posting lower closes (all figures US$).
Plunging demand for soyoil in China is expected to cut consumption of the oilseed in the world’s biggest user as lockdowns to prevent the spread of COVID-19 have shuttered restaurants and canteens.
CBOT July corn ended up 1/2 cent at $7.72-1/4 a bushel.
CBOT July soft red winter wheat fell 6-1/2 cents to $11.48-1/4 a bushel.
Russia is ready to set up a humanitarian corridor for vessels carrying food to leave Ukraine in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying.
Ukraine’s Black Sea ports have been blocked since Russia sent thousands of troops into Ukraine on Feb. 24.
— Reporting for Reuters by Mark Weinraub in Chicago; additional reporting by Rajendra Jadhav in Mumbai and Sybille de La Hamaide in Paris.
