Projected U.S. wheat supplies for 2015 to ’16 increased 58 million bushels for July on larger beginning stocks and production, the U.S. Department of Agriculture estimates. U.S. oilseed production for 2015 to ’16 is projected at 115.1 million tons, up 1 million tons, mainly on higher soybean production.
PARIS/SINGAPORE - Chicago wheat lost more ground on Wednesday as drier weather eased concerns about the U.S. harvest, and the Greece crisis and plunging Chinese equities continued to sap investor confidence.
Wheat pushed higher last week despite a negative U.S. Department of Agriculture Planted Acreage report. The corn futures traded to highs last seen in December 2014 with a bullish USDA report. As of the July 1 close, November soybeans were 43.5 cents higher for the week.
Canola futures have had a $50-per-ton rally so far in June. The positive school says it’s from the dryness on the western prairies. There is no chart signal the move is over and unseeded soybean acreage is supportive.
Wheat traded with solid gains last week, as three out of four sessions posted strong gains while only one session showed losses. Stress from excessive rain continues to provide support for the corn market. For soybeans concerns about slow soybean planting continued to provide support.
Flax took a bit of a tumble in the past two weeks on little fundamental news. The best explanation could be this excerpt from the March 17 issue of Wild Oats: “Flax markets have been supported by the Kazakh flax crop, which wound up covered with snow last fall.” That meant European users had to source elsewhere, and that generally means Canada.
The canary market is finally showing a bit of strength. Prices had been falling since 2011 and had been as low as 24 cents per pound freight on board. There’s more at 25 cents, but it would probably take 26 or 27 cents to source any volume.
Wheat started last week with solid gains, but slipped lower after the release of the U.S. Department of Agriculture’s June Crop Production report. Corn struggled last week, with a lot of negative news thrown at the market. The USDA report showed larger-than-expected world stocks, with larger production estimates in South America. As of the June 11 close, July soybeans were 2.25 cents higher for the week while November soybeans were down 5.5 cents. At 10 a.m. June 12, July soybeans were down 1.25 cents and the November contract was down 5.25 cents.
Senate Agriculture Committee Chairman Pat Roberts, R-Kan., and Sen. Heidi Heitkamp, D-N.D., on Thursday introduced bipartisan legislation to make sure a Commodity Futures Trading Commission regulation allows for sufficient time to send payments to their Futures Commission Merchant (FCM) and to repeal a requirement that impedes international data sharing.
Wheat traded with strong gains last week, with much of the strength coming from winter wheat production concerns. Traders are concerned that disease will soon start to reduce the quality and quantity of the crop. The corn market bounced off the eight-month lows from the week ending May 29 and closed with green numbers last week. Support came from strength in the wheat complex, with quality concerns and a lower performing dollar.As of the June 3 close, July soybeans were 12.5 cents higher for the week, while November soybeans were up 18.25 cents. At 10 a.m. June 5, July soybeans were down 3 cents and the November contract was down 4 cents.
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