May 30, 2023

Taylor Daily Press

Complete News World

Soybeans at lower prices in one week due to US planting progress; Wheat flakes for 4th session

Chicago soybean futures lost more ground on Thursday, hitting a one-week low after weighing on faster U.S. planting prices.

Wheat fell for a fourth straight session on good weather for crop growth in parts of the US Midwest.


* The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $14.03 a bushel by 0039 GMT, hitting its lowest point since May 3 of $14.02 a bushel.

* Wheat was down 0.4% to $6.38-3/4 a bushel and corn was down 0.4% to $5.91-3/4 a bushel.

* Higher planting rates in the US and favorable growing weather forecasts are weighing on soybean prices.

* However, Argentina’s Rosario Grains Exchange on Wednesday cut its forecast for the 2022/2023 soybean harvest by 6.5% to 21.5 million tonnes as the country’s main crop suffered from the effects of adverse weather.

* In the wheat market, focus is on talks on an export deal with the Black Sea.

Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday that he thinks Ukraine’s Black Sea grain deal could be extended by at least two months.

* Russia has said it will not renew the deal beyond May 18 unless it meets a list of demands to lift sanctions on its own grain and fertilizer exports. Koussoglu spoke to reporters after returning from a trip to Moscow.

* Export prices for Russian wheat weakened amid persistently high export volumes, uncertainty over the Black Sea grain deal and expectations for a fresh harvest, analysts said on Wednesday.

* EU soft wheat exports for the 2022/23 season, which began last July, reached 26.49 million tonnes on May 7, up 11% from 23.87 million a year earlier, data released by the European Commission showed on Wednesday.

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Commodity funds were net sellers of CBOT futures for soybeans, wheat and soybean oil on Wednesday, traders said. These funds are net buyers of CBOT corn and soybean meal futures.

Market news

* A gauge of global stock markets rose on Wednesday and bond yields fell after data showed U.S. consumer prices rose slightly more slowly than expected in April.

Data/Events (GMT) 0130 China PPI, CPI YY April 1100 UK BOE Bank Rate May 1230 US Initial Unemployment Clm Weekly 1230 US PPI Machinery Manufacturing April G7 Finance Ministers and Central Bank Governors Meeting Edited by Rashmi in Nigata)