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Soybean futures changed direction and dropped on the Chicago Mercantile Exchange on Friday November 1, as soymeal contracts declined, putting some downward pressure on prices, along with a stronger US Dollar Index. Soybean futures started the session higher, returning to the $10 per bushel level, amid a sharp rise in soyoil and new US exports flash sales.
Fastmarkets’ weekly recap of the main movements in global cash markets.
US and European wheat futures were little changed on Friday November 1 as market participants on both sides of the Atlantic awaited fresh headlines before making sizable bets on movement in either direction.
India intensified its buying of soyoil in the week to Friday November 1, with trade sources telling Fastmarkets that 150,000-160,000 tonnes have been bought since Monday because soyoil is the most competitive vegoils option and the supply-demand balance was looking tighter for the world’s largest importer of edible oils.
US corn futures rose on Friday November 1 with increased drought conditions across growing areas and active buying.
Tunisia's state grain importer has booked 75,000 tonnes of optional-origin durum wheat for November-December shipment in a tender that closed on Friday November 1, according to a document seen by Fastmarkets.
The USDA’s attaché in Turkey reported that it expects the country’s wheat, barley and corn production will decline in the 2024/25 marketing year because of dry weather, while the country still has immense inventories of wheat it is trying to liquidate.
China has returned to the market after a long absence, showing interest in Australian new crop milling wheat, sources told Fastmarkets on Friday November 1.
Soybean sowing reached 10% of the projected area of 6.8 million hectares in Brazil’s Rio Grande do Sul in the week to Thursday October 31, while weather conditions remain favorable for corn crops, state agency Emater/RS said in a report released late on Thursday.
The European Commission has further reduced its corn production forecast for 2024/25, estimating that Romania’s crop will be the lowest in twelve years, according to its latest report published late on Thursday October 31.
Ukraine’s grain export volumes rose to 850,000 tonnes during the week to Thursday October 31, up by 61% from the previous week, according to data released by the country’s State Customs Service on Friday November 1.
Malaysia’s exports of palm oil in October rose to 1.55 million tonnes, up by 196,417 tonnes (14.5%) from September’s 1.35 million tonnes, according to cargo surveyor Intertek Testing Services (ITS).
Canada’s grain and oilseed exports totaled 1.5 million tonnes in the week ended Sunday October 27, a significant increase of 647,000 tonnes, or 74%, from 877,900 tonnes the week before, according to data from the Canadian Grain Commission released late on Thursday October 31.
The 2024/25 soybean sowing process has begun in Argentina and has reached 3.3% of the projected area of 19 million hectares, the Buenos Aires Grain Exchange (BAGE) said in its weekly report on Thursday October 31.
Algeria’s state grain importer purchased as much as 600,000 tonnes of milling wheat in an international tender on Wednesday October 30, for shipment over December 1-31 to Algerian ports, Fastmarkets has learnt.
Soyoil futures in Chicago spiked on Thursday October 31 to trade near a three-month high, with underlying support from higher crude oil prices and as India continued to purchase large volumes of South American soyoil.
Rainfall across the US Midwest will provide much-needed moisture for late-stage corn and soybean crops in the week beginning Thursday October 31, while rain in Brazil's southeastern and central-west regions will increase soil moisture, favoring soybean sowing and crop development.
Soybean futures were virtually stable on the Chicago Mercantile Exchange on Thursday October 31 after rising earlier in the session, as market participants monitored weekly US export sales. Prices were also supported by an increase in CME soyoil futures.
The French corn harvest advanced by 13 percentage points in the week to October 28, with 38% of the total planted area now harvested, according to the latest weekly report from the country’s farm office, FranceAgriMer, released on Thursday October 31.