Wheat fall stretches, soybean export demand firm

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CHICAGO – Chicago wheat fell for a third day Friday, falling further from a two-month high earlier this week as tech sales markets were under pressure, traders said.

Corn has also been eased by the acceleration of US planting and the news that Argentina could expand its export-weight cap.

Soybeans have benefited from strong export demand amid strong supply.

The Chicago Board of Trade’s (CBOT) most active wheat contract fell 21-1 / 4 cents to $ 11.79-1 / 4 a bushel at 10:52 a.m. (1552 GMT). For weeks, the wheat was ready to be even closer to the end.

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CBOT corn lost 5-1 / 2 to $ 7.77-3 / 4 per bushel, heading for a 0.4% weekly fall, the third consecutive week low.

Soybeans add 11-1 / 2 cents to 17.02 per bushel, targeting a 3.3% weekly profit.

Global wheat supply continues to address climate challenges. An annual field tour of Kansas this week in the United States has found the possibility of the lowest yields in the top winter wheat state since 2018.

“Traders were very nervous, especially speculative funds,” said Arlan Suderman, StoneX’s chief commodity economist. “U.S. exports are primarily priced out of market.”

Global export restrictions may be easing, as India is considering allowing traders to ship wheat to ports after a sudden ban on exports, preventing dealers from loading cargo.

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The United Nations is trying to broker a deal that would allow Ukrainian grain to be shipped from Black Sea ports, which have been closed since the Russian invasion in February, which could also reduce the potential shortage of wheat supplies along with Russia’s bumper crops.

Soybeans are supported by strong export demand in tightening US old crop stocks.

“When you look around the world at other oilseeds as a substitute, beans are still relatively cheap,” said Mark Schultz, chief analyst at Northstar Commodities. “There is still a good demand.”

Oilseed markets were digesting the latest policy announcement by top palm oil producer Indonesia, which said it would reinstate the need to allocate a certain volume to the domestic market following the lifting of the recent export ban. (Reporting by Christopher Walzasper; Additional reporting by Gus Tropez and Halle Goo and Dominic Patton in Paris; Editing by Kirsten Donovan)