Market Commentary 26 Jul 2024
Wheat Commentary
US wheat futures across all three classes continued lower, falling double digits on Friday July 26 due to the advancing US wheat harvest and overall good crop conditions reported by the US Wheat Associates.
Corn Commentary
US corn futures trended lower on Friday July 26 on profit-taking, following four consecutive days of support amid dry US weather conditions.
Soybean Commentary
Soybean futures posted two-digit losses on improved weather conditions forecasts for the US and a strong decline in soyoil futures on Friday July 26.
Vegoils Commentary
Vegoils prices were mixed across regions on Friday July 26, with a stronger undertone across commodities in Asia and plummeting soyoil prices in the Americas, while futures on the Chicago Mercantile Exchange dropped steeply due to expectations of lower biofuel demand in the US.
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Market Commentary 25 Jul 2024
Wheat Commentary
US wheat futures across all three classes dropped on Thursday July 25, with projections on the second day of the Wheat Quality Council’s spring wheat crop tour at their highest in at least 30 years for North Dakota — the top producer of hard red spring wheat in the US.
Corn Commentary
US corn futures were up on Thursday July 25 due to an increase in export business and increasing dry and hot conditions across the country.
Soybean Commentary
Soybean futures rebounded on Thursday July 25 with support from US flash sales, and a forecast of hot and dry weather for the Midwest of the north American country in August.
Vegoils Commentary
Futures and cash prices tumbled across most vegoils markets in Asia and Europe on Thursday July 25 while Malaysian crude palm oil (CPO) prices were flat on mixed fundamentals and Chicago Mercantile Exchange (CME) soyoil traded unchanged to higher.
Market Commentary 24 Jul 2024
Wheat Commentary
Chicago and Kansas wheat futures rose on Wednesday July 25, while European prices declined, with market participants monitoring harvest progress in North America, Europe and Russia and unrest in major grain importer Bangladesh.
Corn Commentary
US corn futures held on to gains on Wednesday July 24, with market participants monitoring a drier bias in the Midwest, with gains limited by lower weekly corn consumption.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange fell on Wednesday July 24 after two consecutive days of gains.
Vegoils Commentary
Crude palm oil (CPO) futures in Malaysia fell on Wednesday July 24 due to expectations of greater supply, as well as losses in related vegoils.
Market Commentary 23 Jul 2024
Wheat Commentary
US and European wheat futures edged lower on Tuesday July 23, with traders awaiting fresh news before making large bets in a well-supplied market.
Corn Commentary
US corn futures remained supported on Tuesday July 23 on lower-than-projected corn crop ratings and steady export demand.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange edged upward for the second consecutive session on Tuesday July 23, with persistent underlying support from weather-related concerns in the US.
Vegoils Commentary
The main crude palm oil (CPO) futures contract in Malaysia broke its five-day winning streak on Tuesday July 23 amid profit-taking, though losses were capped by rising related vegoils.
Market Commentary 22 Jul 2024
Wheat Commentary
US wheat futures were mixed on Monday July 22, with market participants continuing to focus on global harvest progress, especially in the US, Russia and Europe.
Corn Commentary
US corn futures rose on Monday July 22 amid overall dry weather forecast for the Midwest growing region.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange started the week of Monday July 22 with double-digit gains, with the market examining US president Joe Biden’s decision to pull out of the election race, along with forecasts of warm weather and limited rain for US producing areas.
Vegoils Commentary
Crude palm oil (CPO) futures in Malaysia rose on Monday July 22, for the fifth consecutive session, due to higher related vegoil futures and higher export figures while futures across the soybean complex in Chicago soared.
Market Commentary 19 Jul 2024
Wheat Commentary
US and European wheat prices rose on Friday July 19, with recent price declines helping to spur a flurry of purchases, supported by increasing concerns about crop conditions in France and Russia.
Corn Commentary
US corn futures on Friday July 19 were supported by tactical buying, crop concerns in Ukraine and France, and spilled-over strength from the wheat market.
Soybean Commentary
Soybean futures ended the week lower after starting the day with gains on the back of the uptrend in wheat, with a positive weather forecast for the US keeping ample supply of American beans on the radar.
Vegoils Commentary
Concerns around crop losses in key producing areas continued to support rapeoil and sunoil prices across regions, while Malaysian CPO futures ended the week in positive territory.
Market Commentary 18 Jul 2024
Wheat Commentary
US and European wheat futures were mixed on Thursday July 18, with market participants saying that recent price declines have spurred a flurry of tenders.
Corn Commentary
US corn futures moved down on Thursday July 18 on overall good corn crop conditions; drought conditions improved for corn in the week to July 16, with 5% of corn production areas experiencing drought, down from the previous week’s 7%, the US Drought Monitor reported on July 18.
Soybean Commentary
Soybean futures rose for the third consecutive session on Thursday July 18, boosted by a new US flash sale report from the US Department of Agriculture and bargain buying, with additional support coming from soyoil gains.
Vegoils Commentary
Vegoils prices were flat to up across most regions and commodities on Thursday July 18, with Chinese rapeoil and European sunoil continuing to rise, while Malaysian CPO was broadly unchanged and Chicago soyoil rebounded somewhat.