Supply fears hold wheat near 3-month highs
CANBERRA, Sept 16 (Reuters) -Chicago wheat futures dipped from three-month highs on Monday but were supported by concerns over crop production in Europe and escalating tensions between Russia and Ukraine that could impact exports.
Corn and soybean futures also fell as the United States geared up for large harvests of both crops.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.3% at $5.93 a bushel by 0026 GMT after touching $5.99 on Friday, the highest since June 19.
* CBOT corn Cv1 slipped 0.7% to $4.10-1/2 a bushel and soybeans Sv1 fell 0.3% to $10.03 a bushel.
* Wheat prices have risen by around 13% in the last three weeks, helped in part by a weak dollar that has made U.S. farm goods cheaper for overseas buyers. FRX/ USD=
* Moscow declined to comment after Ukraine last week accused it of striking a grain vessel with a missile.
* Russia is the world's top wheat exporter and Ukraine is a major supplier. The ship attack added to doubts about Black Sea supply after adverse weather hit crops in the region.
* Strategie Grains and the U.S. Department of Agriculture again cut their forecasts for European Union soft wheat production after too-heavy rains hit some cropping regions.
* "Europe's crop could still see another 4-6 million metric tons in reductions going forward – some would say more – while the size and quality of the Russian crop could also see more downward revisions," StoneX analyst Arlan Suderman wrote in a note.
* However, the USDA also raised its estimate for global wheat ending stocks, limiting price gains, analysts said.
* In other crops, the USDA raised its forecast for U.S. corn production and yields and trimmed its projection for soybean production.
* However, the U.S. soybean crop is still expected to be the largest ever and its corn harvest the second biggest.
* The monthly U.S. soybean crush likely fell by more than 6% in August as processors idled plants for seasonal maintenance and repairs, analysts said ahead of a National Oilseed Processors Association (NOPA) report due on Monday.
* Speculators last week reduced short positions in CBOT corn, soybean and wheat futures but are still bearish on all three.
MARKETS NEWS
* Asian stocks made a cautious start in a week that is almost certain to see the start of an easing cycle in the United States, with investors debating the size of the cut. MKTS/GLOB
Reporting by Peter Hobson; Editing by Rashmi Aich
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.
