Chicago futures dip on Ukraine supply deal; USDA report in focus

Article content

Chicago grain futures dipped in early Asian trading on Monday after France’s transport minister said he would sign an agreement with Romania to help increase Ukrainian grain exports to developing countries.

Losses, however, were capped ahead of a monthly U.S. Department of Agriculture (USDA) supply-and-demand report, with the agency expected to lower its U.S. harvest forecasts, particularly for corn.

Article content


* The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.8% at $6.79-1/2 a bushel, as of 0113 GMT.

Advertisement 2

Article content

* Wheat fell 0.9% to $8.62 a bushel, while soybeans lost 0.5% to $14.05 a bushel.

* France’s transport minister, Clement Beaune, said the deal with Romania covered exports by land, sea and river.

* Romania, the European Union’s second-largest exporter of wheat to non-EU countries, including Egypt, after France and the largest in maize, has been one of the alternative routes used to export Ukrainian grain.

* The USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports were scheduled for release at 12 p.m. EDT (1600 GMT) on Monday.

* Britain dismissed as untrue on Sunday Russian President Vladimir Putin’s assertion that only a fraction of grain exported from Ukraine under an international deal was going to poor countries.

Advertisement 3

Article content

* The United States is working with the United Nations to address Russian complaints that sanctions are hindering its food and fertilizer shipments, even though there has been no disruption to Moscow’s exports of the commodities, a senior U.S. official said on Friday.

* Putin had told his French counterpart Emmanuel Macron that the European Union should not hinder Russian food and fertilizer supplies to Africa, the Middle East and Latin America, the Kremlin said on Sunday.


* Asian share markets made cautious gains on Monday on hopes a key reading on U.S. inflation will show some cooling, while the U.S. dollar was restrained by the risk of higher European interest rates and Japanese intervention.


0600 UK GDP Est 3M/3M

0600 UK GDP Estimate MM, YY

0600 UK Manufacturing Output MM

1200 India Industrial Output YY (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)



Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Source link

Comments are closed.