Wheat slips but hovers near one-week peak as war in Ukraine escalates
BEIJING, Nov 20 (Reuters) -Chicago wheat futures slipped on Wednesday, after a three day rise, but remained near a one-week peak as rising conflict between Russia and Ukraine renewed threats of supply disruptions.
Soy also fell amid expectations of a bumper crop in top producer Brazil with corn following the decline.
FUNDAMENTALS
* The most-active wheat contract Wv1 on the Chicago Board of Trade eased 0.53% to $5.65 a bushel as of 0146 GMT, but still hovered near its highest since Nov. 12 hit on Tuesday.
* The soybean contract Sv1 was down 0.2% at $9.96 a bushel while corn Cv1 slipped 0.12% to $4.27 a bushel.
* Ukraine used U.S. long-range missiles to strike Russian territory on Tuesday, taking advantage of newly granted permission from the outgoing Biden administration on the Ukraine war's 1,000th day.
* Brazil is expected to harvest 167.7 million metric tons of soybeans in the 2024/25 season, a record volume that should also catapult exports and domestic processing to record highs, according to a statement from oilseed lobby Abiove on Tuesday, in its first forecast for the ongoing season.
* Ukraine's wheat harvest may increase to up to 25 million tons next year from an expected 22 million tons this year thanks to a larger sowing area, the first deputy agriculture minister Taras Vysotskiy told Reuters in an interview.
* Algeria's state grains agency OAIC is believed to have purchased durum wheat in an international tender which closed on Tuesday, European traders said.
* European Union soybean imports so far in the 2024/25 season that started in July had reached 4.75 million tons by Nov. 17, up 9% compared with 4.36 million tons a year earlier, data published by the European Commission showed on Tuesday.
* Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soyoil and soymeal futures contracts on Tuesday, and net buyers of wheat futures, traders said.
MARKETS NEWS
* Global stocks rose in choppy trading on Tuesday, as markets waited for President-elect Donald Trump to make more appointments to his incoming administration, while oil prices settled slightly higher as tensions mounted between Russia and the U.S. over Ukraine.
Reporting by Mei Mei Chu; Editing by Rashmi Aich
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