China's total grain production reached a record of more than 700 million metric tons in 2024, the National Bureau of Statistics said on Friday, as Beijing moves to boost output in its quest to achieve food security.
Chicago Board of Trade (CBOT) corn and wheat futures fell back on Thursday on a stronger dollar following rate cuts by the European Central Bank, technical trading and slower-than-anticipated weekly export sales, according to analysts.
A farmers' lobby in Brazil is seeking to end a two-decade-long agreement that forbids grain traders from buying soybeans from farms on deforested land in the Amazon rainforest, claiming the deal has created an uneven playing field.
As the turnaround in canola continued, analyst said there are three factors underpinning the swing upward. David Derwin, commodities futures advisor for Ventum Financial in Winnipeg, pointed to the gains made by soyoil futures on the Chicago Board of Trade, the weakening of the Canadian dollar, and the reduction in the canola harvest made by Statistics Canada.
Chicago Board of Trade corn futures jumped to a five-and-a-half month high on Tuesday, after the U.S. Department of Agriculture slashed domestic corn supply forecast by more than the market had expected.
The United States Department of Agriculture made a number of revisions to its data for canola/rapeseed in its monthly world oilseed report. On a particular note, the USDA cut its production estimate for Canada, the world's top producer of the oilseed.
Corn ending stocks in the United States will be tighter than earlier projections due to increased exports and demand from ethanol producers, according to updated supply/demand estimates from the U.S. Department of Agriculture released Dec. 10. The projected wheat carryout was also revised lower, while soybean stocks were unchanged.
Chicago soybean futures dropped on Monday on expectations for a hefty South American crop, while corn futures rose as traders anticipated world supply and demand estimates from the U.S. Department of Agriculture will show smaller U.S. stockpiles.