Latest news with #CBOT
Business Recorder
6 hours ago
- Business
- Business Recorder
CBOT wheat futures easier
SINGAPORE: Chicago wheat futures slid for a second session on Wednesday, with the improved condition of the US crop boosting supply prospects. Soybeans eased amid crop-friendly weather in the US Midwest, while corn ticked higher. The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.1% to $5.35-1/2 a bushel, as of 0330 GMT, and soybeans lost 0.1% to $10.39-1/4 a bushel. Corn added 0.1% to $4.39 a bushel. The US Department of Agriculture's weekly crop progress report showed on Monday that 50% of US spring wheat and 52% of winter wheat are in good to excellent condition, exceeding analyst expectations. Favourable US weather has also bolstered corn and soybean production prospects, keeping a lid on prices. On Tuesday, higher crude oil prices lifted the soybean complex as well as corn, given both crops' role in the production of biofuels. On the trade front, US President Donald Trump and Chinese leader Xi Jinping are set to speak this week, the White House said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Worries about demand for US soybeans from the world's biggest oilseed consumer have hung over soybean futures. Ukraine's 2025 grain harvest may decrease by 10% to around 51 million metric tons compared to 56.7 million metric tons in 2024, according to the most pessimistic estimates, Ukrainian agriculture minister Vitaliy Koval said.
Business Recorder
17 hours ago
- Business
- Business Recorder
Wheat, corn and soybeans stay firm as war and tariff news monitored
PARIS/SINGAPORE: Chicago wheat, corn and soybeans rose on Wednesday, underpinned by signs of a hardening conflict between Ukraine and Russia as well as hopes that tariff negotiations between Washington and grain importers like China and Vietnam will boost U.S. exports. Favourable conditions for U.S. crops remained a curb on prices, which hit a six-month low for corn on Tuesday and a seven-week low for soybeans on Monday. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.6% at $5.39 a bushel by 1137 GMT. The wheat market has been torn this week between concern over Black Sea grain trade, as Ukraine has stepped up attacks on Russian targets, and improved conditions for U.S. crops as estimated by the U.S. Department of Agriculture's weekly crop progress report on Monday. 'The renewed geopolitical tensions in the Black Sea continue to fuel market volatility,' Argus analysts said in a note, adding, 'The stronger-than-expected increase in winter wheat and especially spring wheat crop ratings weighed on these products.' Traders were also monitoring drought damage to the wheat crop in China, though it was unclear if this would prompt more imports given large Chinese stocks. Wheat drops on improved US crop rating; corn hits six-month low CBOT soybeans edged up 0.5% to $10.46 a bushel, while corn added 1.1% to $4.43-1/2 a bushel, putting the crops on course for a second daily rise as they recovered from this week's lows. On the trade front, U.S. President Donald Trump and Chinese counterpart Xi Jinping are set to speak this week, the White House said on Monday, boosting hopes about negotiations, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Worries about demand for U.S. soybeans from the world's biggest oilseed consumer have curbed soybean futures this year. Vietnamese firms, meanwhile, have signed memorandums of understanding to buy $2 billion worth of American farm produce, including corn, wheat and soymeal as part of efforts to seal a new trade deal between the two countries. Investors remain cautious about trade tensions, however, amid Chinese restrictions on critical mineral exports and Washington's move to double tariffs on steel and aluminium imports.
Business Recorder
a day ago
- Business
- Business Recorder
Chicago wheat turns higher
PARIS/SINGAPORE: Chicago wheat rose on Tuesday to reverse an earlier fall as news of further Ukrainian strikes against Russian targets kept attention on war escalation and offset supply pressure from better-than-expected US crop ratings. Corn and soybeans rebounded after hitting six-month and seven-week lows, respectively, that were also linked to good crop conditions. The most-active wheat contract on the Chicago Board of Trade (CBOT) ended the overnight trading session up 0.9% at $5.43-3/4 a bushel. The contract had risen sharply during Monday's session as a Ukrainian drone attack in Russia shifted attention back on the war between the two grain exporters. Prices pared their gains by Monday's close and then fell earlier on Tuesday as immediate fears of war escalation subsided and higher than anticipated scores for wheat conditions in a weekly US Department of Agriculture crop progress report. However, news that Ukraine had hit the road and rail bridge linking Russia and the Crimean peninsula, as well as also knocking out power in parts of other Russian-held territory in southern Ukraine, later revived concerns about a hardening conflict between the two grain exporting countries. 'It looks like the Ukrainians are pursuing their attacks,' a European trader said. Favourable Northern Hemisphere supply prospects, slow international demand and a bounce in the dollar index, which makes US grain dearer overseas, nonetheless kept a lid on wheat prices, traders said. CBOT corn added 0.9% to $4.42 a bushel, after reaching its lowest since early December at $4.34-1/4 earlier in the session. Soybeans rose 0.6% to $10.39-3/4 a bushel to hold above Monday's seven-week low of $10.32-1/2. The USDA rated 67% of US soybeans in good to excellent condition in its initial ratings of the 2025 soy crop, while for corn, the agency's rating improved to 69% good-to-excellent.
Business Recorder
2 days ago
- Business
- Business Recorder
Wheat drops on improved US crop rating; corn hits six-month low
SINGAPORE: Chicago wheat slid on Tuesday, giving up some of previous session's gains, as improved U.S. crop condition weighed on prices, although intensifying Russia-Ukraine war limited losses. Corn fell to its lowest level in six months, while soybeans inched higher. 'Any news of improved production prospects are going to be bearish for wheat prices as we get closer to the harvest in northern hemisphere,' said a Singapore-based grains trader. The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.7% to $5.35-1/4 a bushel, as of 0415 GMT. Corn lost 0.6% to $4.35-1/2 a bushel, trading close to its lowest level since early December hit earlier in the session. Soybeans rose 0.2% to $10.35-1/4 a bushel. The U.S. Department of Agriculture's (USDA) weekly crop progress report showed on Monday 50% of U.S. spring wheat and 52% of winter wheat in good to excellent condition, exceeding analyst expectations. The U.S. winter wheat crop has been plagued by persistent dryness, but recent rains have helped the crop rebound. The USDA ratings surpassed analyst predictions of a 50% good to excellent rating for the winter wheat crop and a 47% rating for spring wheat. Russian new crop wheat export prices remain flat amid weak activity before new season's start Wheat prices rose on Monday on short covering as a Ukrainian drone attack in Russia shifted attention back on the war between the two grain exporters. Australia's wheat production is projected to drop 10% this year to 30.6 million metric tons due to dry conditions acrossseveral cropping regions. Nevertheless, production is expected to remain well above the 10-year average, the Australian Bureau of Agricultural and Resource Economics and Sciences said in a quarterly crop report. The pressure on the soybean market stemmed from trade tensions with China, the world's biggest soybean buyer, after President Donald Trump on Friday accused China of violating an agreement with the U.S. to mutually roll back tariffs. Trump and Chinese leader Xi Jinping will likely speak this week, the White House said on Monday. Ample Brazilian soy supplies continue to pressure the market. Agribusiness consultancy AgRural raised its forecast for Brazil's 2024/25 soybean crop by 1.3 million tons to 169 million tons, citing improved yields. The USDA rated 67% of U.S. soybeans in good to excellent condition in its initial ratings of the 2025 soy crop, just below an average of analyst estimates for 68% but roughly on par with previous years. Soybean planting was 84% complete, ahead of the five-year average of 80%. The agency's corn rating improved to 69% good-to-excellent, up a percentage point from last week and in line with trade expectations. Planting was 93% complete, matching the five-year average. Commodity funds were net sellers of CBOT corn, soybean, soyoil and soymeal futures contracts on Monday and net buyers of wheat futures, traders said.
Business Recorder
2 days ago
- Business
- Business Recorder
Chicago soybeans fall for second session on improved weather, demand worries
SINGAPORE: Chicago soybeans lost more ground on Monday, with the market trading near its lowest in about three weeks on pressure from beneficial weather in the US Midwest and uncertainty over biofuel demand. Wheat prices inched higher while corn slid. 'Soybean demand issues are still a bearish factor for the market,' said one oilseed trader in Singapore. 'US weather has been benign for the crop, so we are not worried about the crop at this stage.' The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4% to $10.37-1/2 a bushel, as of 0357 GMT, having dropped to its lowest since May 8 earlier in the session. Wheat rose 0.5% to $5.36-1/2 a bushel and corn lost 0.2% to $4.43-1/4 a bushel. The soybean market is being weighed down by crop-friendly weather in the US Midwest, which has boosted hopes for ample supplies. Soybeans faced additional pressure from uncertainty over biofuel demand as the US government considers waivers for oil refiners. The soybean market is assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from US biofuel laws. The US soybean crush likely hit 6.055 million short tons in April, or 201.8 million bushels, according to analysts surveyed by Reuters ahead of a monthly US Department of Agriculture report due on Monday. An unexpected decline in US winter wheat conditions supported wheat prices. The USDA last week rated 50% of the winter crop as good to excellent, down from 52% the previous week while analysts on average had expected a one-point improvement. Large speculators increased their net short position in CBOT corn futures in the week to May 27, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans.
