Wheat heads for fourth weekly loss on improving supply
Updates prices, adds detail and quotes
SINGAPORE/PARIS, June 21 (Reuters) -Chicago wheat futures were heading for a fourth consecutive weekly loss on Friday as northern hemisphere harvests brought new supply into the market and the production outlook improved.
Corn and soybean futures steadied after dropping sharply on Thursday when forecasts for rain in U.S. cropping zones eased fears that a heat wave could stress crops.
September soft red winter wheat on the Chicago Board of Trade (CBOT) WU24 was up 0.5% at $5.89 a bushel by 1045 GMT but down more than 6% from last Friday's close.
CBOT July soybeans SN24 rose 0.2% to $11.18-1/2 a bushel but were down 5.2% for the week after closing at their lowest in two months on Thursday.
July corn CN24 was 0.4% up at $4.41-1/2 a bushel and on course for a 1.9% weekly loss.
Falling Russian harvest estimates pushed wheat prices to a 10-month high of $7.20 last month, but the supply outlook in Russia and other countries including Romania and Australia has improved, said Stefan Vogel, an analyst at Rabobank in Sydney.
"There are a lot of places where the volumes are maybe slightly bigger than the market expected a few weeks ago," he said.
"As soon as the combines are rolling and volumes are making their way into the supply chain, that's usually a time that prices will come under pressure."
Prices are also being pressured by U.S. wheat supplies coming on the market as the harvest progresses unusually quickly.
"Nevertheless, the extent of the price decline seems exaggerated to us, which is why we expect a stabilisation and subsequent recovery," Commerzbank said.
Wheat stocks in the most important exporting countries are likely to fall further in the coming 2024/25 season, it said, citing the U.S. Department of Agriculture's forecast.
"The improved crop prospects and rising inventories in the U.S. will do little to change this," it added.
In France, the condition of the soft wheat crop remained unchanged at a four-year low, data from farm office FranceAgriMer showed on Friday, though wet weather this week could add stress to crops after a damp growing season.
Prices at 1045 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 589.00 | 3.00 | 0.51 |
CBOT corn Cv1 | 441.50 | 1.75 | 0.40 |
CBOT soy Sv1 | 1118.50 | 1.75 | 0.16 |
Paris wheat BL2K4 | 228.25 | 1.50 | 0.66 |
Paris maize EMAc1 | 208.00 | 0.00 | 0.00 |
Paris rapeseed COMc1 | 459.50 | -4.00 | -0.86 |
WTI crude oil CLc1 | 81.28 | -0.01 | -0.01 |
Euro/dlr EUR= | 1.07 | 0.00 | -0.20 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||
Reporting by Cassandra Yap and Peter Hobson in Singapore and Sybille de La Hamaide in Paris
Editing by Eileen Soreng, Janane Venkatraman and David Goodman
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