The Chicago wheat futures They rose to four-month highs on Wednesday after the US government confirmed private sales of US wheat to China for the third consecutive day. This is the largest wave of purchases by the Asian giant in almost a decade.
For its part, the soy and the corn fell as markets received a much-needed rain forecast in South Americawhich stopped anxiety about drought damage in the returns.
He wheat by March 2024 Chicago Board of Trade rose US$1.84 to US$233.78 per ton, having hit its highest level on a continuous chart for the most active contract since August 9.
Surge in historic US wheat sales to China
The futures of wheat They went up after the United States Department of Agriculture confirmed private sales of 372,000 metric tons of US soft red winter wheat (SRW) to Chinathe third announcement of this type in as many days.
He USDA confirmed reserves of more than 1 million metric tons of wheat to China since Monday, the largest total in a week to the Asian country since July 2014 and close to the largest weekly amount in history.
“They definitely have a purchasing program going on and I don’t think they’re done,” he said. Jeff Thompsonanalyst Marex Capital.
Soybeans and corn fall due to weather forecasts for South America
The USDA also confirmed new sales of 136,000 metric tons of US soybeans to China.
Despite the demand, CBOT reference soybeans fell US$4.4 to 483.35 dollars per ton, and corn lost US$2.6 to 190.45 dollars per ton.
He corn and the soy were pressured by weather forecasts for Brazil and some areas of South America, where rain is forecast for the next two weeks, reducing concerns about the impact of drought on crop yields.
Operators are awaiting updated harvest estimates to be published on Thursday by the Brazilian government agency Conab., as well as the monthly supply and demand reports that the USDA will publish on Friday. Analysts polled by Reuters expect the USDA to lower its estimates for Brazil’s 2023/24 soybean and corn crops.
Source: Ambito
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