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On Thursday, August 1, 2024, the wheat market saw an increase in prices. Soft red winter wheat September quotes on the Chicago Board of Trade CBOT rose to $195.47 per ton, Kansas City Hard Red Winter Wheat KCBT futures in Kansas City rose to $203.74 per ton, and Minneapolis Hard Red Spring Wheat MGEХ futures rose to $216.23 per ton.
On Thursday morning, the US Department of Agriculture released its weekly export sales report. It had some influence on the price increase, causing concerns due to drought threatening the spring wheat crop. Additionally, traders closed their short positions due to oversold conditions in the wheat complex, which also impacted the price increase.
The USDA's weekly report on wheat sales showed that 286,598 tons of wheat were sold in the current marketing year, in line with the forecast of 250,000–550,000 tons.
Deputy Prime Minister Dmitry Patrushev announced that Russia maintains its official grain harvest forecast at 132 million tons in 2024, despite adverse weather conditions in grain-producing regions.
The Ukrainian Grain Association (UZA) lowered the forecast for grain and oilseed crop harvest in Ukraine by 2.8 million tons to 71.8 million tons due to abnormal heat.
While rainfall in most parts of Australia improved wheat production forecasts for the 2024/25 season, demand from China remains weak.
The corn market mostly held steady on Thursday, with the September contract closing at $3.82 per bushel. Low export sales exerted some pressure on the corn market at the beginning of the session.
The export sales report indicates that 167,864 tons of corn from the previous crop were sold in the past week. This is the lowest figure of the year and below the expected range of 275,000–600,000 tons. Orders for the new crop totaled 710,888 tons, exceeding the expected 400,000–800,000 tons and representing the second-largest figure for the week.
According to StoneX estimates, Brazil's total corn production in the 2024/25 season is forecasted at 123.14 million tons.
Soybeans continued to face pressure on Thursday, with November contracts closing at the lowest level in 3.5 years. Price declines were attributed to favorable weather forecasts for August, weakening soybean oil, and concerns about the slow pace of new crop exports.
The USDA reported a private export sale of 132,000 tons of soybeans to China for the new crop delivery.
Soybean sales totaled 376,398 tons for the previous week, marking a 6-week high and exceeding the expected range of 75,000–300,000 tons. New crop sales reached 632,134 tons, falling within the expected range of 300,000–900,000 tons.
Soybean meal sales for the current marketing year amounted to only 43,722 tons.
StoneX forecasts soybean production in Brazil in 2024/25 at 165.05 million tons.
It is expected that soybean exports from Brazil will reach 9.76 million tons in July, lower than the expected 10.43 million tons last week, according to the Brazilian Grain Exporters Association Anec.
Chicago Board of Trade CBOT wheat futures for September rose 4-3/4 cents to $5.32 per bushel on Thursday, September CBOT corn futures fell 3/4 cents to $3.82 per bushel, and November soybean contracts fell 6 cents to $10.16-1/2 per bushel.
On Chicago Board of Trade CBOT September contracts, wheat prices on Thursday were as follows:
- wheat (Sept. 2024) - $195.47 per ton - 0.90% increase;
- corn (Sept. 2024) - $150.39 per ton - 0.20% decrease;
- soybeans (Nov. 2024) - $373.49 per ton - 0.59% decrease;
- rice (Sept. 2023) - $747.18 per ton - unchanged;
- canola (ICE, Nov. 2024) - 608.80 cad/ton (37850 rub/ton) - 2.42% decrease.
On MATIF Paris Exchange, wheat flour prices remained unchanged from the previous day at €220.25 per ton ($238.42) on Thursday. August corn prices fell to €213.00 per ton ($231.71), while November corn prices edged up to €205.50 per ton.
At the close of trading on MATIF Paris Exchange on Thursday, the prices of the following contracts were:
- wheat flour (Sept. 2024) - €220.42 per ton ($238.42) - 0.09% increase;
- corn (Aug. 2024) - €230.57 per ton ($231.71) - 0.49% decrease;
- sunflower seeds (on SAFEX Exchange, Aug.) - 9032.00 zar/ton ($42570 rub/ton) - 1.30% decrease;
- sunflower oil (26.07.2024 Rotterdam, bulk FOB) - $1110.00 per ton ($95580 rub/ton).
Exchange rates on 08/01/2024:
- 86.1091 rubles = US Dollar;
- 93.5149 rubles = Euro;
- 62.1681 rubles = Canadian Dollar;
- 47.1306 rubles = 10 South African Rands.
