Wheat stays weak, corn and soybeans steady with focus on Fed
Updates at 1131 GMT, changes dateline from Canberra
PARIS/CANBERRA, Aug 23 (Reuters) -Chicago wheat fell for a third session on Friday, while corn and soybeans steadied near four-year lows, with the easing of a rail stoppage in Canada shifting attention to ample global supplies and upcoming comments by the U.S. Federal Reserve.
The most-active soft red winter wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.8% at $5.31-1/4 a bushel by 1139 GMT.
CBOT corn Cv1 inched up 0.1% to $3.93-3/4 a bushel, while soybeans Sv1 added 0.4% to $9.65-3/4 a bushel, though both crops remained close to four-year lows struck last Friday.
A rise for crude oil and renewed weakness in the dollar lent some support to corn and soybeans ahead of remarks by Fed Chair Jerome Powell that will give a pointer to expected U.S. interest rate cuts. MKTS/GLOB
"Market participants will be closely watching the Fed chairman's speech at Jackson Hole today," commodity data platform CM Navigator said in a note.
"Wheat appears to have little to no reaction to war-related headlines any more. Funds seemingly see little upside for grains, particularly in light of recent confirmations of bumper U.S. crops."
Grain markets were digesting results from the Pro Farmer crop tour this week, which while showing contrasts have underscored strong prospects for 2024 U.S. corn and soybean yields.
The Canadian government moved quickly on Thursday to end an unprecedented rail stoppage that would have disrupted Canadian and U.S. wheat and oilseed exports if it lasted.
Workers at Canadian National Railway CNR.TO will begin returning to work on Friday, the Teamsters union said.
Large exports of competitively priced Black Sea crops and forecasts for bumper U.S. production have helped offset the impact of rain-hit crops in France and Germany.
That has tempered market concerns about the latest fighting between Russia and Ukraine, including a Ukrainian attack on Thursday on Russia's southern port of Kavkaz.
Traders are also monitoring U.S. exports after a series of sales reported this week that suggested price lows have stirred some demand.
Prices at 1139 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 531.25 | -4.25 | -0.79 |
CBOT corn Cv1 | 393.75 | 0.25 | 0.06 |
CBOT soy Sv1 | 965.75 | 4.25 | 0.44 |
Paris wheat BL2U4 | 196.00 | -0.75 | -0.38 |
Paris maize EMAc1 | 192.50 | -1.50 | -0.77 |
Paris rapeseed COMc1 | 453.50 | 3.75 | 0.83 |
WTI crude oil CLc1 | 73.97 | 0.96 | 1.31 |
Euro/dlr EUR= | 1.11 | 0.00 | 0.01 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Mrigank Dhaniwala and David Holmes
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