Wheat extends climb for fifth day on poor European production
CANBERRA, Sept 3 (Reuters) -Chicago wheat futures inched higher on Tuesday, climbing for a fifth consecutive day, as poor production in Europe triggered a price rebound from nearly four-year lows.
Soybeans and corn futures dipped, with attention turning to ample supply after signs of improving demand drove price gains last week.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.2% at $5.52-3/4 a bushel, as of 0058 GMT, after climbing 4.5% last week.
* CBOT corn Cv1 edged 0.1% lower to $4.00-1/2 a bushel and soybeans Sv1 slipped 0.1% to $9.98-3/4 a bushel.
* All three contracts are close to their lowest levels since 2020.
* Crop setbacks in the European Union, including the worst French wheat harvest since the 1980s, have helped underpin wheat prices, but ample global supply and competition from cheap Black Sea grain have kept a lid on the market.
* The European Commission last week cut its estimate for usable EU common wheat production in 2024/25 to 116.1 million metric tons from 120.8 million tons, and trimmed its forecast for EU soft wheat exports to 26 million tons from 32 million tons.
* Russian agricultural consultancy Sovecon also lowered its forecast for Russia's 2024 wheat crop to 82.5 million metric tons from 83.3 million.
* However, the Russian crop is still large by historical standards, and Canada, the United States and Australia, which on Tuesday raised its wheat production estimate by 2.7 million tons, expect good harvests.
* In other crops, export sales of U.S. corn and soybean for the week ended Aug. 22 came in above analyst expectations.
* The Argentine corn planting area in the 2024/25 season is estimated to drop 17.1% year-on-year due to fears of leafhopper pest proliferation and possible droughts, the Buenos Aires Grain Exchange (BdeC) said, although rainfall in recent days should boost crops that are planted.
MARKETS NEWS
* Share markets fell slightly on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized. MKTS/GLOB
Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips
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.