Chicago wheat weakens on firm dollar, but set for weekly rise
Wheat futures fall on profit-taking, stronger dollar
Black Sea tensions set the grain up for a weekly climb
Soybeans rise on technical trading
Rewrites throughout; updates prices, byline; changes dateline, previous BEIJING/PARIS; adds bullet headlines
By Renee Hickman
CHICAGO, Nov 22 (Reuters) -Chicago wheat futures eased on Friday on profit-taking and dollar strength, according to analysts, while soybeans gained in technical rebound from three days of declines.
Corn followed wheat lower.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 4-1/2 cents at $5.65 a bushel at 12:47 p.m. CST (1847 GMT). Soybean futures Sv1 were up 5-1/4 cents at $9.83 a bushel, while corn Cv1 dropped 1-1/2 cents to $4.25-1/4 a bushel.
Wheat futures WH25 jumped on Thursday, setting up actively traded nearby contracts for weekly gains of about 2% on concerns about Black Sea region supplies.
Russia launched a hypersonic intermediate-range ballistic missile at the Ukrainian city of Dnipro in response to the U.S. and the UK allowing Kyiv to strike Russian territory with advanced Western weapons, and warned that more could follow.
The strike gave traders an excuse to cover short positions, said Austin Schroder, a commodity analyst at Brugler Marketing and Management. But prices retreated as the dollar gained on Friday as strength in the dollar makes U.S. exports more expensive to holders of other currencies.
Soybeans experienced a technical bounce from contract lows on Thursday, Schroeder said.
But that market remains anchored by good South American crop weather and as trade deals between China and Brazil signaled a cozier relationship between the two that could hurt U.S. exports, according to analysts.
China granted Brazil permission to export sorghum, fresh grapes, sesame and fish products to Chinese buyers, the Latin American country's agriculture ministry said on Wednesday.
In Argentina, 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.
Reporting by Renee Hickman in Chicago; Additional reporting by Mei Mei Chu in Beijing and Sybille de La Hamaide in Paris; editing by Jonathan Oatis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
