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On Tuesday, exporters reported sales of 136,000 tons to China.
Grain and soybean futures rose slightly in overnight trading on positive signs of demand for supplies from the United States. Exporters announced sales of 204,000 tons of the grain to China, the second major sale announced to the Asian country in as many days, according to the US Department of Agriculture (USDA).
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On Tuesday, exporters reported sales of 136,000 metric tons of corn to China, the USDA reported. They also reported sales of 112,800 metric tons to an unidentified country on Monday. Also supporting prices overnight is Cargill's decision to stop exporting Russian grain from July amid growing challenges related to the country's exports.
Still, the company said it would not sell its assets in grain terminals or port silos in the country, according to a report from S&P Global. Cargill is the sixth-largest exporter of Russian grain, and from July 1, 2022 to June 30, 2023, it is forecast to export about 2.2 million metric tons of grain from the country, the company said.
Viterra will also halt shipments of Russian grain, Bloomberg reported yesterday, citing people familiar with the matter. This will likely increase opportunities for U.S. supply exporters. Corn futures rose 3 1/2¢ to US$ 6.54 a bushel overnight on the Chicago Board of Trade.
Wheat futures for May delivery rose 3¢ to US$ 7.07¼ a bushel, while Kansas City futures rose 7 3/4¢ to US$ 8.78¼ a bushel. Soybean futures for May delivery rose 3 1/2¢ to US$ 14.80¾ a bushel. Soybean meal gained US$ 1 to US$ 459.20 a short ton and soybean oil increased 0.11¢ to 55.49¢ a pound.
Source: Leonardo Gottems | agrolink
