GRAINS—SOYA, corn top edge; U.S. Midwest rains limit gains


SINGAPORE, August 18 (Reuters)Chicago soybean and corn futures rose for a second session on Thursday, although forecasts of rain in parched areas of the U.S. crop belt restrained prices.

Wheat lost more ground.

FUNDAMENTALS

* The most active Chicago Board of Trade (CBOT) soybean contract Sv1 added 0.4% to $13.96 a bushel, as of 0027 GMT and corn CV1 rose 0.3% to $6.13 1/2 a bushel. Wheat Wv1 lost 0.1% to $7.80 a bushel.

* Forecasts of rain this week in the dry western parts of the US Midwest are likely to put pressure on soybean prices as the crop finishes filling out through the end of August.

* The wheat market is weighed on forecasts of higher Ukrainian supplies.

* Ukraine expects five ships to arrive at its Black Sea port of Chornomorsk on Wednesday to load more than 70,000 tons of agricultural products, the largest convoy to date under an agreement export of cereals negotiated by the UN.

* Ukraine’s Seaports Authority said in a statement that the new shipments would include wheat, corn and sunflower oil.

* Rising wheat prices were also dampened by larger-than-expected harvests in Russia and India, despite uncertainties surrounding exports from both countries.

* India raised its wheat production estimate on Wednesday, even as other forecasters and traders cut production figures due to a heat wave.

* The world’s second-largest cereal producer harvested 106.84 million tonnes of wheat in 2022, slightly more than the previous estimate of 106.41 million tonnes, the government said in its latest estimate released by the Ministry of Agriculture. Agriculture.

* Consultancy Sovecon raised its forecast for Russia’s wheat harvest in 2022 to 94.7m tonnes from 90.9m on Tuesday.

* Commodity funds were net sellers of CBOT wheat and soybean oil futures on Wednesday and new buyers of CBOT soybeans, corn and soybean meal, traders said. COMFUND/CBT

MARKET NEWS

* Global stocks tumbled and U.S. Treasury yields rose on Wednesday after Federal Reserve meeting minutes showed officials poised to slow the pace of interest rate hikes amid signals of slowing inflation. MKTS/GLOB

DATA/EVENTS (GMT)

0130 Australia Employment July

0130 Australia Unemployment rate July

0900 HICP EU final MM, July YY

1230 US Initial Clm unemployed weekly

1230 US Philly Fed Business Index August

1400 sales of existing homes in the United States in July

(Reporting by Naveen Thukral; Editing by Rashmi Aich)

(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))

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


nasdaq

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button