Wheat futures gained on Monday, even after news of more Chinese cancellations of previous purchases of US Soft Red Winter. Corn was also higher while soybeans eased.
The gains in wheat were primarily attributed to a technical bounce after the USDA this morning announced a SRW cancellation by China for the third consecutive day. Today’s 264,000-tonne cancellation brings the total cancellations to 504,000 since Thursday. That is 38% of China’s outstanding book and is 25% of the total US SRW unshipped sales. Meanwhile, a Statistics Canada acreage report this morning pegged 2024 Canadian all wheat intentions at 27.05 million acres, up slightly from a year ago and above the average pre-report trade estimate of 26.7 million. May Chicago gained 9 ½ cents to $5.47 ¼, May Kansas City was a dime higher at $5.98 ¾, and May Minneapolis added 7 ¼ cents to $6.70.
Corn futures posted small gains on increasing dry conditions for second-crop corn in portions of northern and central Brazil. May was up 2 cents at $4.41 ¾, and December gained ¾ of a cent to $4.72 ¾.
May soybeans dropped 4 ¾ cents to $11.79 ¼, and new-crop November lost a penny to $11.72 ¾.
