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Soyoil futures surged in Chicago on Thursday August 29 ahead of the long Labor Day holiday weekend, with rumors circulating that the US could limit imports of used cooking oil (UCO) and while CPO futures in Malaysia ticked upward on bargain buying.
US and European milling wheat contracts advanced for a third day on Thursday August 29 on continuing concerns about the western European grain harvest and a government report that showed an increase in US net sales and exports.
Drought conditions in much of Ukraine are threatening the sowing of rapeseed, while much-needed precipitation would be welcomed by corn and soybean farmers in the US Midwest, and an easing of heavy rain in northeast China would help with waterlogged fields, Fastmarkets heard on Thursday August 29.
Fastmarkets commits to publishing on a daily basis the bids, offers, indicative levels or other cash trading indications on any basis and geography that relates to any of the vital markets that have strong ties with Ukraine.
US corn futures rebounded on Thursday August 29 on tactical buying, increased drought in corn growing areas and positioning ahead of the Labor Day holiday weekend.
Ukrainian corn harvesting has officially started, while sunflower and soybean harvesting is underway amid continued dry weather conditions, according to data from the country’s Ministry of Agrarian Policy and Food released on Thursday August 29.
Chinese soyoil inventories were estimated at 1.11 million tonnes in the week ended August 23, 20,000 tonnes lower than a week earlier, according to figures from the China National Grain and Oils Information Center (CNGOIC) published on Thursday August 29.
News that the Indonesian government is planning to adjust export levies for palm oil waste products, such as palm oil mill effluent (POME) and palm acid oil (PAO), has brought to the fore ongoing discussions on stricter controls being mulled on product exports that can play a significant part in biofuel production.
US soybean oil exports and sales for the 2023/24 marketing year decreased in the week ended August 22, figures from the USDA showed on Thursday August 29.
US weekly net sales of wheat for the 2024/25 crop year totaled 532,100 tonnes during the week to August 22, up by 8% from the previous week and by 53% from the prior four-week average, the US Department of Agriculture said on Thursday August 29.
Rouen milling wheat exporters loaded just a few cargoes in the week to Wednesday August 28 for a total of 65,505 tonnes, according to data released by port operator Haropa.
US net sales of corn totaled 15,300 tonnes for the 2023/24 crop year during the week to August 22, a new marketing-year low, data released by the USDA showed on Thursday August 29.
Ukrainian weekly exports of rapeseed increased by 23% week on week in the week to August 28, while exports of sunflower oil decreased over the period, amid a seasonal suspension of activity, official data published on Thursday August 29 shows.
A correction has been issued for this report.
Traders in agricultural derivative instruments will have access to a raft of new “spread” futures contracts that could unlock new trading opportunities as two of the world’s biggest exchanges announced new products on Wednesday August 28.
Crude palm oil (CPO) futures in Malaysia moved only marginally on Wednesday August 28, trimming the gains made at the close of the morning session to end slightly lower amid mixed signals from related vegoils, with the market also awaiting fresh data on production and exports for further direction.
Soybean sowing in Brazil’s 2024/25 marketing year will be delayed because of a longer wait for regular volumes of rain, which could reduce the ideal window for the sowing period of the second corn crop, weather and grain analysts said on Wednesday August 28 during the Datagro Abertura de Safra conference.
Soybean futures on the Chicago Mercantile Exchange returned to negative territory on Wednesday August 28 after three consecutive sessions of gains, as recent rains have eased concerns regarding a heat wave in the US Midwest and pressure has come from lower crude oil and soymeal, as well as a higher US dollar Index.
US and European milling wheat contracts advanced for a second day on Wednesday August 28 after a decline in US crop conditions and on signs that Black Sea producers are unwilling to further reduce prices.
US corn futures fell on Wednesday August 28 on strategic selling following the rally on Tuesday August 27 and lower weekly consumption, with losses capped by flash sales announced by the USDA.