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Crude palm oil (CPO) futures traded in both directions again on Friday January 3, while soyoil prices dropped sharply at the end of the week on the Chicago Mercantile Exchange, pressured by soybean crush volumes above estimates.

Wheat futures fell across major global exchanges on Friday January 3, with US, European and Canadian markets reflecting light trading during the post-holiday season.

Corn futures on the Chicago Mercantile Exchange fell sharply on Friday January 3 due to limited market activity and lower weekly sales and export figures from the US Department of Agriculture.

Soybean futures fell on the Chicago Mercantile Exchange on Friday January 3 with rain expected over Brazil’s South, as well as weaker US net sales and crush. Bearish derived products also pressed futures lower despite bullish external markets.

The lack of rain in the past few days has started to affect the soil moisture conditions of crops in Argentina, with an increase in areas under average/dry conditions for soybean, corn and sunflower, according to the Buenos Aires Grains Exchange (BAGE) report released on Friday January 3.

Fastmarkets’ weekly recap of the main movements in global cash markets.

The soybean CFR China (Brazil) basis assessment for February shipment was assessed...

The German 12.5% FOB wheat APM for February loading was assessed at an €10 per tonne premium over the March Euronext contract...

Net sales and exports of US soybean meal dropped during the week to December 26, coming in within analysts’ expectations, according to data released by the US Department of Agriculture (USDA) on Friday January 3.

Brazilian grain exporters’ association Anec reduced its estimates for December soymeal, corn and soybeans shipments in its weekly report released on Friday January 3.

US net soybean sales fell by 51% to a marketing-year low of 484,700 tonnes in the week to December 26, down from 978,400 tonnes in the previous week, USDA data showed on Friday January 3.

US weekly net sales of wheat for the 2024/25 crop year totaled 140,600 tonnes in the week ended December 26, a low for the marketing year, Fastmarkets has learned.

US weekly corn net sales for the 2024/25 crop year reached 777,000 tonnes in the week ending December 26, reflecting a 55% decline from the previous week and 44% below the prior four-week average, according to the USDA’s latest export sales report released on Friday January 3.

Canada’s grain and oilseed exports totaled 748,000 tonnes in the week to Sunday December 29, a down by 566,000 tonnes, or 43%, from the 1,314,000 tonnes shipped in the previous week, according to data from the Canadian Grain Commission published on Friday January 3.

The United Nations Food & Agriculture Organization (FAO) Food Price Index (FFPI) for December decreased by 0.5%, or 0.6 points, month on month in December from November’s 127.6 points, the FAO reported on Friday January 3.

Fastmarkets has corrected its AG-SYB-0078 Crush Margin China Soy (Brazil) M1 Yuan/mt; AG-SYB-0079 Crush Margin China Soy (US Gulf) M1 Yuan/mt; and AG-SYB-0082 Crush Margin US Soy M1 c$/bu for the period between December 2-13, 2024, which were published incorrectly due to a procedure lapse error. Fastmarkets has also corrected its AG-SYB-0078 Crush Margin China Soy (Brazil) M1 Yuan/mt and AG-SYB-0079 Crush Margin China Soy (US Gulf) M1 Yuan/mt for November 20 and November 29, 2024, which were published incorrectly due to a typo.

US processors crushed 210 million bushels of soybeans in November, the USDA’s Monthly Fats and Oils report released on Thursday January 2 showed.

Crude palm oil (CPO) futures in Malaysia fell further on the first trading day of the new year, while stronger crude oil prices pushed soyoil contracts up in the Chicago Mercantile Exchange.

Soybean futures started the year by hitting a six-week high on the Chicago Mercantile Exchange in a very volatile session. Market participants continue to monitor the outlook for the weather, which is forecast to be dry in Argentina for the next two weeks but mostly favorable in Brazil. Higher crude oil prices and soymeal futures have also supported the soybean market.

Dry conditions are set to dominate the US Midwest in the week beginning Thursday January 2, raising concerns about winter wheat crops in this critical overwintering period.