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Export inspections of US wheat decreased by 24% to 226,513 tonnes during the week to Thursday December 5, from 298,550 tonnes the previous week, according to data from the USDA released on Monday December 9.
Brazilian corn exports amounted to 4.7 million tonnes in November, down by 36.2% year on year, while soybean shipments fell by 50.9% to 2.5 million tonnes, official customs data showed.
Investors in the three US wheat markets added short positions in the week to Tuesday December 3, helping send net short positions to multi-month highs, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday December 6.
The EU and Mercosur — the trade bloc that includes Argentina, Brazil, Paraguay and Uruguay — announced on Friday December 6 the end of negotiations for the free-trade agreement between the blocs, but questions linger about the potential impacts on trade flows of agricultural products.
Egyptian sustainable development agency Mustaqbal Misr, which had presented itself as a new entity of the Egyptian government, has reportedly confirmed that it is going to take over the General Authority of Supply Commodities’ (GASC) role as the country’s product purchaser, market sources told Fastmarkets on Friday December 6.
Crude palm oil (CPO) futures in Malaysia traded sideways on Friday December 6, while Chicago soyoil contracts hiked on technical buying.
Soybean futures were mixed in a volatile session on the Chicago Mercantile Exchange on Friday December 6. A climb in soyoil supported some gains, but a higher US dollar and a drop in crude oil pressured prices, while forecasts of good crop development in Brazil remained in focus. Soybeans borrowed strength from higher corn futures.
US corn futures rose alongside higher Dalian prices. Data showed increased Ukrainian exports and firm domestic prices on Friday December 6. In South America, offers softened slightly, and Brazil experienced reduced export volumes due to strong domestic demand.
US and European wheat futures were little changed on Friday December 6 while traders awaited fresh headlines before making sizable bets about the movement of the grain market.
Fastmarkets’ weekly recap of the main movements in global cash markets.
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The USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report for December is projected to reduce estimates for both domestic and global 2024/25 wheat crop ending stocks, according to analysts polled by Fastmarkets.
Market participants expect little changes to US soybean ending stocks when the USDA updates its World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday December 10, a Fastmarkets’ poll with seven traders and analysts showed.
Market participants polled by Fastmarkets ahead of the USDA’s December World Agricultural Supply and Demand Estimates (WASDE) report update on Tuesday December 10 expect the agency to leave global corn ending stocks unchanged, while reducing domestic US stocks.
Fastmarkets commits to publishing daily the bids, offers, indicative levels, or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.
The Russian government has again increased the wheat export duty for the December 11-17 period, the country’s agriculture ministry said in an official update on Friday December 6.
Market sources estimate the November sunflower crush in Ukraine at the same level as the previous month, with some seeing a significant increase in processing compared with October despite the negative margin. Soybean processing is estimated ambiguously, and rapeseed has fallen, according to sources.
The United Nations Food & Agriculture Organization (FAO) Food Price Index (FFPI) increased by 0.6 points month on month in November, reaching 127.5 points, the FAO said on Friday, December 6.