Chicago Board of Trade corn futures rose on Wednesday after the U.S. Department of Agriculture said exporters reported the biggest daily export sale of the grain in more than a year.
In a release Oct. 16, the organization said that “Since the Canadian Grain Commission reduced its official inspection and weighing fees in 2021, the organization has inspected and weighed lower-than-expected grain volumes, leading to a gap between revenue and costs.”
U.S. corn and soybean futures fell for a fourth straight session on Tuesday and hit multi-week lows, guided by sharp declines in equities and crude oil and forecasts for timely rains in Brazil that have tempered worries about early-season planting delays.
Soy and corn futures turned lower on Friday after the U.S. Department of Agriculture's supply and demand report confirmed the advancing harvests in the U.S. will be some of the largest on record.
Ukraine's 2024/25 grain exports are likely to decrease to around 40 million metric tons from almost 51 million tons in 2023/24 due to a smaller harvest, the first deputy agriculture minister Taras Vysotskiy said on Friday.
Chicago wheat extended gains on Thursday as traders assessed whether increased tensions between Russia and Ukraine and persistent dryness in grain production areas around the world may curb global wheat exports, analysts said.
Chicago Board of Trade corn and soybean futures ticked higher in choppy trading on Wednesday, boosted by strength in the financial markets and as traders adjusted positions ahead of a government supply-and-demand report, market analysts said.
Combining in Manitoba advanced 12 points at 85 per cent complete for the week ended Oct. 7. While some crops made great amounts of progress, others did not. The largest gains were made in the province's soybean and flax harvests as they are up 41 points apiece at 70 and 61 per cent finished respectively.
Chicago soybean and corn futures settled lower on Tuesday as brisk U.S. harvest progress and forecasts for rain in drought-hit Brazilian crop belts bolstered expectations of abundant global supplies, traders said.