GRAINS-Maïs, wheat firm on crop risks; soybean oil to a new high


Band Gus Trompiz and Naveen Thukral

PARIS/SINGAPORE, April 29 (Reuters)Chicago corn rose slightly on Friday to hold near a near-decade high, while wheat rallied as unfavorable U.S. crop weather added to concerns over the supplies resulting from Russia’s invasion of Ukraine.

Soybean oil hit a new high as Indonesia’s palm oil export ban continued to rattle edible oil markets already struggling with the loss of Ukrainian sunflower supplies.

The dollar eased from a 20-year high on Thursday, providing some support for grains, although investors were also weighing demand risks, as in other commodity markets, as global inflation and novel coronavirus outbreaks in China threaten growth prospects. XRF/MKTS/GLOB

The most active corn contract CV1 on the Chicago Board of Trade (CBOT) was up 0.1% at $8.14-1/2 a bushel, as of 10:58 GMT, near Thursday’s high of $8.19-3/4 which was its highest high since August 2012.

“While geopolitics and climate risk are linked, nervousness remains in the grain market,” said consultancy Agritel.

Weather forecasts continued to show cool, wet weather across much of the U.S. Corn Belt for the week ahead, drawing attention to planting delays.

Dry weather in central Brazil has also raised concerns about the country’s main corn crop, which, like the last US crop, is seen as essential to help offset the disruption in Ukrainian exports.

CBOT wheat Wv1 rose 1% to $10.97 a bushel, recovering from a dip on Thursday when sluggish U.S. exports and rain forecasts for parched winter wheat areas put pressure on prices.

But the persistent drought in part of the American plains and the reduced supply from Ukraine should support wheat markets.

“There is no reason for wheat prices to fall,” said a senior executive at an international trading firm. “We are seeing supply constraints as well as strong demand.”

CBOT soybeans Sv1 rose 0.9% to $16.99-1/4, supported by the rally in soybean oil BOv1which set a new high at 87.65 cents per pound before falling slightly.

Indonesia should be able to meet its cooking oil shortage in the coming weeks and lift an export ban on palm oil and its refined products in May, a government body said on Thursday. ‘industry.

But vegetable oil markets are still digesting Jakarta’s last-minute policy reversal that extended the reach of the embargo.

Price at 10:58 GMT

Last

Switch

Move Percentage

End of 2021

Cumulative percentage shift

CBOT wheat Wv1

1097.00

11:25 a.m.

1.04

770.75

42.33

CBOT corn CV1

814.50

1.00

0.12

593.25

37.29

CBOT soybeans Sv1

1699.25

2:50 p.m.

0.86

1339.25

26.88

Paris wheat BL2c1

413.75

-2.75

-0.66

276.75

49.50

Corn from Paris EMAc1

349.50

0.50

0.14

226.00

54.65

Paris rape COMc1

1000.00

-25.25

-2.46

754.00

32.63

WTI crude oil CLc1

106.52

1.16

1.10

75.21

41.63

euro/dlr USD=

1.06

0.01

0.68

1.1368

-7.06

Most active contracts – Wheat, corn and soybeans US cents/bushel, Paris futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Sherry Jacob-Phillips and Krishna Chandra Eluri)

((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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