Market Commentary 2 May 2024
Wheat Commentary
US wheat futures rose for the first time in four sessions on Thursday May 2 after weather forecasts indicated rainfall in the prime growing areas in North America and continued dry weather in Russia, and a government report showed that US sales volumes were within expectations.
Corn Commentary
US corn futures remained supported on Thursday May 2 on possible planting progress delays due to rain and escalating tensions in the Black Sea, with gains limited by lower week-on-week net sales and exports.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) surged on Thursday May 2 due to short covering, following gains in soymeal and soyoil prices.
Vegoils Commentary
Crude palm oil (CPO) futures closed in positive territory on Thursday May 2 after trading resumed following the Labor Day/Workers’ Day holiday, recovering some of the losses seen earlier this week.
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Market Commentary 1 May 2024
Wheat Commentary
US wheat futures continued to move lower across all three classes on Wednesday May 1 due to a rising US dollar and needed rain that is forecast across growing areas in the US, Canada and Russia.
Corn Commentary
US corn futures moved into positive territory on Wednesday May 1 due to higher weekly ethanol production and consumption.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) were higher on Wednesday May 1 amid a softer tone in the macro markets, with traders expecting the US Federal Reserve to keep interest rates unchanged. The limited participation from many European markets, which were on holiday, might have curtailed activity.
Vegoils Commentary
Direction across much of the wider vegetable oil complex reverted to the United States on Wednesday May 1, with great swathes of the trading world suspended due to international holidays.
Market Commentary 30 Apr 2024
Wheat Commentary
US wheat futures moved down across all three classes based on planting progress that landed above expectations and a higher US dollar limiting buying power.
Corn Commentary
US corn futures continued lower on Tuesday April 30 on good planting progress reported late on Monday April 29.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) were considerably lower on Tuesday April 30 in a perfect storm caused by full-steam US sowing progress and derived and external markets.
Vegoils Commentary
Soyoil futures in Chicago fell steeply to multi-year lows on Tuesday April 30, pressured by multiple factors, with palm oil futures also losing ground in Asia.
Market Commentary 29 Apr 2024
Wheat Commentary
After posting large gains in the week to Friday April 26, US wheat futures the Chicago Mercantile Exchange trended lower on tactical selling and forecasts for increased rain across US growing areas and southern Russia.
Corn Commentary
US corn futures moved down on Monday April 29 on lower weekly inspection numbers reported by the USDA, with losses capped by rain forecasts projected to slow fieldwork in the week ahead, and a possibility of lower revisions for South American production.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) rose on Monday April 29, supported by soymeal gains following the beginning of a strike in Argentinian crushing plants.
Vegoils Commentary
Crude palm oil (CPO) futures inched up on Monday April 29, aided by strength in related vegoils, though trading was cautious with the market waiting further indications for April’s supply and demand performance while Chicago soyoil prices faced headwinds due to surging soymeal quotations.
Market Commentary 26 Apr 2024
Wheat Commentary
US wheat futures climbed to the highest levels since December on Friday April 26, with market participants still concerned that dry weather in growing areas in both the US and Russia could impact crop yields.
Corn Commentary
US corn futures edged higher for the second day in a row on Friday April 26, gaining strength from the rally in the wheat market and on speculation that demand for the country’s exports will remain robust in the weeks ahead.
Soybean Commentary
Soybean futures ended the week in negative territory on the Chicago Mercantile Exchange (CME) on Friday April 26 due to lower soymeal prices and a higher US dollar.
Vegoils Commentary
Crude palm oil (CPO) futures closed the week in positive territory on pre-weekend positioning and support from slightly firmer rival oils on Friday April 26.
Market Commentary 25 Apr 2024
Wheat Commentary
US wheat futures climbed on Thursday April 25 to the highest levels since February, with traders continuing to express concern about dry conditions in prime growing areas in both the US and Russia.
Corn Commentary
US corn futures climbed on Thursday April 25 after US Department of Agriculture (USDA) data showed that the country’s corn sales advanced last week, while exports jumped to a marketing-year high.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) dropped on Thursday April 25, with US export sales landing below estimates, along with pressure from external markets and products.
Vegoils Commentary
Crude palm oil (CPO) futures slid for a second consecutive session on Thursday April 25, with downward pressure coming from weaker rival oils and indications of softer export demand.
Market Commentary 24 Apr 2024
Wheat Commentary
US wheat futures jumped to two-month highs on Wednesday April 24 while market participants expressed concern about dry conditions in prime areas and recent price moves spurred technical buying.
Corn Commentary
US corn futures edged lower, falling on Wednesday April 24, for the first time in four sessions, while traders wait for fresh headlines before making big bearish or bullish bets.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange (CME) moved slightly up on Wednesday April 24 despite bearish external markets.
Vegoils Commentary
Crude palm oil (CPO) futures ended a two-day rally to close lower on Wednesday April 24, following indications of a softer growth in exports and a slowdown in short covering.