GRAINS-Chicago soy futures rise; wheat, corn futures fall
JAKARTA, April 1 (Reuters) – Chicago Board of Trade (CBOT) soybeans inched higher on Monday, while corn and wheat futures declined amid report of multi-year high stocks for all three grains.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 had risen 0.25% to $11.94-1/2 a bushel by 0109 GMT, while CBOT wheat Wv1 was down 0.31% at $5.58-1/2 a bushel and corn Cv1 fell 0.68% to $4.39 a bushel.
* U.S. farmers are planning to cut corn plantings by more than expected in 2024 while expanding soybean seedings, the U.S. Department of Agriculture (USDA) said, as low crop prices and high input costs have many growers looking to cut expenses.
* The USDA in a separate quarterly grain stocks report said stocks of U.S. corn as of March 1 swelled to 8.347 billion bushels, the most in five years. Soybean stocks rose to a two-year high of 1.845 billion bushels, while wheat stocks rose to 1.087 billion bushels, a three-year high.
* Speculators maintained their big short in Chicago corn in front of pivotal U.S. government data showing U.S. farmers planting fewer corn acres than expected. In the week ended March 26, money managers slightly increased their net short in CBOT corn futures and options to 251,730 contracts from 242,988 in the prior week, predominantly on new gross short positions, Reuters market analyst Karen Braun said.
* Egypt has targeted procuring 3.5 million tonnes of local wheat during the 2024 procurement season, the country’s supply minister Aly Moselhy said.
* A vessel that was loaded by TD RIF, one of Russia’s key grain exporters, has left a Black Sea port after its cargo was certified as being free of pests and disease. Rosselkhoznadzor, the country’s agricultural watchdog previously said there was a jump in applications from importing countries saying cargoes of Russian grain were not meeting quarantine requirements, including a shipment of TD RIF. LSEG data confirmed that the 21,964-dwt vessel had left Russia’s Black Sea Port Kavkaz.
* All Ukrainian regions have started the 2024 sowing, seeding almost 500,000 hectares of spring crops, including sunflower, sugar beet and soybeans. Ukrainian farmers could increase the area sown with soybeans this year by 23.5% to 2.199 from 2023, while reducing the corn sowing area by 4.5% to 3.863 million hectares.
* Saudi Arabia issued tender to buy 595,000 metric tons of wheat for June-July arrival, its state wheat buying agency, the General Food Security Authority (GFSA) said.
* The state of French soft wheat crops remained stable last week, although still at their worst in four years, data from farm office FranceAgriMer showed on Friday. Wet weather since autumn has disrupted planting and early crop development in France, the European Union’s biggest grain producer, and other parts of western Europe.
Source Link : https://www.nasdaq.com/articles/grains-chicago-soy-futures-rise-wheat-corn-futures-fall
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