Wheat, corn fall ahead of U.S. supply-demand report; soybeans flat


Article content

SINGAPORE — Chicago wheat and corn futures slid for a third consecutive session on Wednesday on positioning ahead of widely followed U.S. government forecasts on supply and demand due later in the day.

Soybeans were largely listless after closing lower on Tuesday.

Article content

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.3% at $8.25-1/4 a bushel, as of 0309 GMT, and corn lost 0.4% to $6.65 a bushel. Soybeans eased quarter of a cent to $14.46-1/4 a bushel.

Traders are adjusting positions ahead of the U.S. Department of Agriculture’s (USDA) monthly supply-and-demand report due at 1700 GMT.

Article content

Analysts polled by Reuters expect the agency to keep its U.S. corn and soy yield estimates unchanged, but raise its estimates for U.S. wheat, corn and soybean ending stocks.

Ukraine wants the Black Sea grain export deal expanded to include more ports and goods, and hopes a decision to extend the agreement for at least a year will be taken next week, Ukraine’s deputy infrastructure minister said on Tuesday.

The deal, which eased a global food crisis by unblocking three major Ukrainian ports during Russia’s invasion, expires on Nov. 19 and briefly appeared imperiled last month when Moscow suspended its participation in the deal before rejoining again.

Uncertainty about the economy and COVID-19 restrictions in China, the world’s biggest soybean importer, loomed over soy futures, analysts said.

Article content

The USDA through its daily reporting system said exporters had sold 138,700 tonnes of U.S. soybeans to China; 144,000 tonnes of U.S. soybeans to Mexico; and 132,000 tonnes of U.S. soybeans to unknown destinations. Mexico also bought 338,600 tonnes of U.S. corn.

France’s farm ministry on Tuesday reduced its forecast for the country’s drought-affected 2022 grain maize harvest, confirming its expectation for the smallest crop since 1990.

Argentine farmers sold as of last week about 72% of the current soybean harvest, government data showed on Tuesday, a key crop especially important since it helps generate much-needed hard currency for the country’s cash-strapped government.

Commodity funds were net sellers of CBOT wheat, corn, soybean and soyoil futures contracts on Tuesday, and net buyers of soymeal futures, traders said. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)


Source link

Comments are closed.