Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Wheat Tumbles as Australian Production Outlook Rises -- Daily Grain Highlights

11/29/2021 | 03:39pm EST

By Kirk Maltais

-- Wheat for March delivery fell 2.1% to $8.22 1/4 a bushel on the Chicago Board of Trade Monday amid a higher revision to the projected Australian crop by the country's agricultural bureau.

-- Corn for March delivery fell 1.6% to $5.82 1/4 a bushel.

-- Soybeans for January delivery fell 0.9% to $12.41 1/2 a bushel.


Bumper Crop: CBOT wheat futures led the grains complex lower Monday after Australia's agricultural bureau said the country's crop is expected to be a record 34.4 million metric tons, up from previous estimates. In its last WASDE report, the USDA forecast Australian wheat production at 31.5 million tons.

"[The bureau's] crop estimates lean slightly bearish wheat and canola/rapeseed markets, but quality and logistics issues persist," said AgResource.

Variant Volatility: For the stock market, reconsideration about the threat of a new Covid-19 Omicron variant provided a lift for prices, although for grains support evaporated.

"The job of the markets over the coming days and weeks will be to assess whether Friday's selloff was justified, with perhaps more selling needed, or whether it was overdone, with a significant recovery needed," said Arlan Suderman of StoneX. "The ultimate question that must be answered is, how lethal is the new variant?"


Inspection Detection: Inspections of U.S. soybeans are slightly lower from the previous week, but are supported by strong exports to China. In its latest weekly grain export inspections report, the USDA said that inspections of soybeans totaled 2.14 million metric tons for the week ended Nov. 25, down slightly from 2.43 million tons reported last week.

Soybeans being inspected for China came in 1.39 million tons. Other leading destinations included Egypt, Mexico, Taiwan and Italy.

Right Place, Wrong Time?: Archer Daniels Midland said it completed its acquisition of a European soy producer, but the acquisition comes as at least one alternative meat producer recently cut its sales outlook. ADM said Monday that its acquisition of Serbia-based Sojaprotein marks a "significant expansion" of its "global alternative protein capabilities."

It is the latest move into alternative proteins for ADM, with the company adding new plants globally to produce proteins out of vegetables such as soybeans and peas.

Earlier in November, Beyond Meat cut its outlook for sales in the fourth quarter, causing some analysts to speculate that Beyond's business had reached market saturation faster than expected.


-- The USDA is scheduled to release its monthly agricultural prices report at 3 p.m. EST Tuesday.

-- The EIA is due to release its weekly ethanol production and stocks report at 10:30 a.m. EST Wednesday.

-- The USDA is scheduled to release its monthly grain crushings report at 3 p.m. EST Wednesday.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

11-29-21 1539ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.16% 620 End-of-day quote.4.68%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.19% 818 End-of-day quote.3.86%
All news about WHEAT FUTURES (W) - CBR (FLOOR)/C1
12:15aWheat eases after rally, Black Sea tensions limit decline
01/25Wheat eases after rally, Black Sea tensions limit decline
01/25Ukraine's rising role in grain exports complicates impact of crisis -Braun
01/25CBOT wheat nears two-month peak on Ukraine crisis; corn hits June high
01/25Wheat Rises Further on Russia-Ukraine Tensions - Daily Grain Highlights
01/25Paris wheat extends rally on Russia-Ukraine conflict fears
01/25CBOT wheat nears two-month peak on Ukraine crisis; corn hits June high
01/25ADM posts record Q4 profit on rising biofuel demand, projects strong 2022
01/25Sudan raises electricity prices as it pushes forward with reforms
01/25Chinese feed wheat demand to plummet as elevated prices curb appetite
More news
Duration : Period :
WHEAT FUTURES (W) - CBR (FLOOR)/C1 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WHEAT FUTURES (W) - CBR (FLOOR)/C1
Short TermMid-TermLong Term