Chicago wheat set for 6% weekly jump as Black Sea war escalates
BEIJING, Nov 22 (Reuters) -Chicago wheat rebounded on Friday, poised for a 6.3% weekly gain, as Russia launched a hypersonic missile at a Ukrainian city, raising concerns over potential disruptions to exports from the breadbasket region.
Soybean futures and corn also gained.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.13% at $5.70-28 a bushel, as of 0150 GMT.
* CBOT soybeans Sv1 were up 0.3% at $9.80 a bushel, but on course for a 1.7% weekly loss. Corn Cv1 gained 0.18% to $4.27 a bushel, headed for a 0.7% weekly gain.
* Russia fired a hypersonic intermediate-range ballistic missile at Dnipro on Thursday in response to the U.S. and the UK allowing Kyiv to strike Russian territory with advanced Western weapons, in a further escalation of the 33-month-old war.
* The International Grains Council said it has trimmed its forecast for 2024/25 global wheat production by 2 million metric tons to 796 million tons, driven partly by a diminished outlook for the European Union.
* The UK wheat area for the 2025 harvest is forecast to rise by 5%, while rapeseed sowings are seen falling by 17% to a 42-year low, the Agriculture and Horticulture Development Board said in provisional results of its early bird survey.
* The U.S. Department of Agriculture confirmed private sales of 198,000 tons of U.S. soybeans to China and another 135,000 metric tons to unknown destinations, all for delivery in the 2024/25 marketing year.
* Argentina's 2024/25 soybean planting progressed by 16 percentage points in the past week, reaching 35.8% of the 18.6 million hectares projected for the season, according to the Buenos Aires Grain Exchange.
* Commodity funds were net sellers of Chicago Board of Trade soybean, soymeal, soyoil, corn and wheat futures contracts, traders said.
MARKETS NEWS
* An index of global stock markets edged higher in choppy trading on Thursday as investors digested lacklustre revenue forecast from artificial-intelligence chipmaker Nvidia and bitcoin approached the $100,000 milestone. MKTS/GLOB
Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips
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