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US corn futures moved lower on Thursday August 8 with rainfall providing drought relief across the country’s Midwest growing areas.
Forecasts of rain will be a key factor to watch for market participants around the globe this week, as well as low temperatures and potential frosts in South America, Fastmarkets heard on Thursday August 8.
Sales of Argentine soybeans and corn rose for the 2024/25 marketing year but fell for 2023/24 in the week to July 31, while wheat sales increased week on week across both crop years, according to data released by Argentina’s agriculture secretariat on Wednesday August 7.
The soybean CFR China (USG) basis assessment for September loading was assessed...
In Ukraine, the early grain crop harvest advanced by another 5 percentage points to 97% complete in the week to Thursday August 8, according to government data.
The July sunflower crush in Ukraine fell by 10.0-10.5%, to the lowest level in the last nine months — but nevertheless exceeded expectations — because sunflower stocks were low and some plants stopped processing, while the rapeseed crush in the first month of the 2024/25 season was lower than expected due to high prices, market sources told Fastmarkets.
Net sales for the 2023/24 soybean crop reached 325,400 tonnes in the week to August 1, a 2% weekly gain from last week’s 319,300 tonnes and above market expectations, the US Department of Agriculture reported on Thursday August 8.
US net soybean meal export shipments and sales for the 2023/24 marketing year were up sharply in the week to August 1, data released by the USDA on Thursday August 8 showed.
US weekly net sales of wheat for the 2024/25 crop year totalled 274,000 tonnes in the week to August 1, down by 4% from the previous week and lower by 23% from the prior four-week average, the US Department of Agriculture (USDA) said on Thursday August 1.
Ukrainian weekly rapeseed exports jumped in the first week of August, with soybean and sunflower meal exports also showing gains in the week ending August 7, while sunflower oil exports continued to decline, official data showed on Thursday August 8.
Rouen milling wheat exports ground to a halt with zero tonnes reported in the week to August 7, according to data released by port operator Haropa.
One of the plants of the Kernel company, based in Western Ukraine, was damaged by a Russian drone strike on the night of Wednesday August 7.
The Brazilian soybean crop is projected to reach a record 163 million tonnes in 2024/25, up 7% year-over-year, while total corn output was estimated at 125 million tonnes, a 2% yearly gain amid better profit margins for producers and larger sowed area, local consultancy Itaú BBA, said on Wednesday August 7, in a press conference in São Paulo.
Soyoil futures on the Chicago Mercantile Exchange surged on Wednesday August 7, despite mostly lower vegoils prices in Asia and a mixed outlook in Europe; the market was underpinned by potential restrictions for imported used cooking oil (UCO) as a biofuel feedstock in the US.
Soybean futures reached new contract lows on the Chicago Mercantile Exchange on Wednesday August 7, reflecting positive weather and output estimates for the soybean crop in the US.
Egypt’s state importer bought 36,600 tonnes of sunflower oil in an international tender closed on Wednesday August 7 and skipped purchasing soybean oil in a separate tender due to high prices.
US wheat futures declined on Wednesday August 7, retreating from early gains on speculation that a rash of tenders won’t make much of a dent in ample global supply.
US corn futures fell on Wednesday August 7 amid improved weather across growing areas in the Midwest and lower weekly consumption reported by the US Energy Information Administration (EIA).
Dry bulk freight rates for Panamax vessels continued to edge lower in the week to Wednesday August 7 due to excess tonnage and lackluster demand in the Atlantic basin.