Chicago grains consolidate as mixed weather monitored
Updates at 1144 GMT, changes dateline
PARIS/CANBERRA, July 24 (Reuters) -Chicago grain futures were little changed on Wednesday, with corn and soybean consolidating below two-week highs, as the market weighed a dry spell in part of North America against sizeable global supplies.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $10.71-1/4 a bushel by 1144 GMT, easing from Tuesday's high of $10.86-3/4.
CBOT corn Cv1 inched up 0.1% to $4.17-3/4 a bushel, holding close to Tuesday's peak of $4.22-1/2.
CBOT wheat Wv1 edged up 0.2% to $5.43-3/4 a bushel after falling a day earlier.
Prices of all three crops remain near their lowest since 2020 after investors anticipating ample supply amassed large net short positions in recent weeks.
A shift to hot, dry conditions in a swathe of Canada and the United States, plus a reassessment of Donald Trump's chances of regaining the U.S. presidency following incumbent Joe Biden's decision to quit the race, spurred short-covering this week.
But despite the coming hot and dry weather in part of the U.S. Midwest, conditions for soy and corn look pretty good, said Dennis Voznesenski, an analyst at Commonwealth Bank in Sydney.
Arid conditions in corn-producing belts in the Black Sea region were also unlikely to puncture expectations of ample supply, he said, with South American producers shipping large amounts of corn and soy.
"It's hard to see a very supportive market in the near term," he said.
Scouts on the first day of an annual U.S. crop tour on Tuesday projected spring wheat in southern and east-central North Dakota will produce the highest yields in tour records dating to 1994, also tempering concern about the onset of dry weather.
Consultancy Sovecon raised slightly its forecast for Russia's 2024 wheat crop, illustrating favourable harvest prospects in the world's biggest wheat exporter.
Traders are also seeking a clearer picture of the rain-hit harvest in western Europe, including expectations of a poor crop in France.
"A wait-and-see attitude therefore prevails on the wheat market ... as we await further harvest data," Argus analysts said in a note.
Concerns over Chinese demand, which have weighed on wider commodity markets, and competition from cheaper South American and Black Sea suppliers continued to cool export sentiment, despite news of a sale of 200,000 metric tons of U.S. corn on Tuesday.
Prices at 1144 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 543.75 | 1.00 | 0.18 |
CBOT corn Cv1 | 417.75 | 0.50 | 0.12 |
CBOT soy Sv1 | 1071.25 | -4.25 | -0.40 |
Paris wheat BL2U4 | 223.00 | -2.00 | -0.89 |
Paris maize EMAc1 | 222.50 | 0.00 | 0.00 |
Paris rapeseed COMc1 | 484.75 | -5.75 | -1.17 |
WTI crude oil CLc1 | 77.89 | 0.93 | 1.21 |
Euro/dlr EUR= | 1.08 | 0.00 | -0.08 |
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 Subhranshu Sahu and Shounak Dasgupta
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
