Wheat inches higher with Russia in focus, corn and soy up before U.S. data
Wheat market eyes Russian meeting after export tax hike
Russia's upbeat crop estimates temper global weather worries
Corn, soy steady as USDA report awaited for U.S. crop update
Updates at 1223 GMT, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Oct 11 (Reuters) -Chicago wheat edged higher for a fifth straight session on Friday as traders watched to see if Russia would decide on tougher export curbs at a meeting with grain firms after announcing a hike in a wheat export tax.
Corn and soybeans inched higher as investors adjusted positions before a U.S. Department of Agriculture (USDA) supply-demand report later in the day that will feature updated forecasts for the U.S. corn and soy harvests. USDA/EST
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.4% at $6.06-1/4 a bushel by 1223 GMT, though it held below Thursday's one-week peak of $6.09-1/2.
Russia remained the focus in wheat as speculation continued over possible export restrictionsthat might be proposed at a meeting between the agriculture ministry and grain exporters that sources said is due to take place later on Friday.
"What will the emergency meeting ... lead to? For almost 20 years, Russia has never lacked imagination to expand its wide range of government restrictions on wheat exports," Argus analysts said in a note.
The ministry announced earlier a 41% increase in its wheat export duty , a move that drew little reaction as traders waited to see if more sweeping restrictions on exports might be unveiled.
"It's a few dollars so it doesn't mean much, that's why the market isn't moving," a European trader said of the export tax increase.
Weather is not hampering Russia's winter grain sowing or harvesting, officials said on Friday, despite the droughtthat analysts estimate has slowed fieldwork.
That came after the government on Thursday made a relatively small cut to its 2024 grain harvest estimate following a series of poor weather episodes, putting the wheat crop at 83 million metric tons against 84 million forecast previously.
Uncertainty about Black Sea exports has also increased amid a wave of Russian attacks on Ukraine's ports, which sources say have pushed up shipping insurance costs.
Ukraine has made a brisk start to its grain export campaign but deteriorating security as well as drought losses in its maize harvest could curb flows.
"Now there is a risk that less grain will reach the market from Ukraine. This could lead to a further increase in wheat prices," Commerzbank said.
CBOT corn Cv1 ticked up 0.2% to $4.19-1/4 a bushel and soybeans Sv1 added 0.5% to $10.19-3/4 a bushel.
Both crops were steadying after one-week lows that reflected an advancing U.S. harvest and rain relief for planting in parched regions of Brazil and Argentina.
The USDA's monthly crop report at 1600 GMT will show whether the agency still expects record yields for both crops despite a dry end to the season.
Prices at 1223 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 606.25 | 2.50 | 0.41 |
CBOT corn Cv1 | 419.25 | 0.75 | 0.18 |
CBOT soy Sv1 | 1019.75 | 5.00 | 0.49 |
Paris wheat BL2Z4 | 232.00 | 0.75 | 0.32 |
Paris maize EMAc1 | 216.00 | 0.00 | 0.00 |
Paris rapeseed COMc1 | 497.25 | 1.25 | 0.25 |
WTI crude oil CLc1 | 75.16 | -0.69 | -0.91 |
Euro/dlr EUR= | 1.09 | 0.00 | 0.04 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu
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