Wheat rises for third day, corn and soybeans rebound
Grain markets focused on USDA report for corn, soy harvest data
Talk of tightening Black Sea supply underpins wheat
Steadier crude oil, lower dollar also support grains
Updates at 1202 GMT, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Sept 11 (Reuters) -Chicago wheat rose for a third session on Wednesday as signs that supply pressure from the Black Sea export region may be easing encouraged short-covering in the run-up to widely followed U.S. government crop forecasts.
Corn and soybeans edged up after falling on Tuesday as investors adjusted positions before Thursday's U.S. Department of Agriculture (USDA) report that will be scrutinised for U.S. corn and soy harvest projections.
A steadying in crude oil and an easing in the dollar lent some support to grains as investors also awaited U.S. inflation data and digested an overnight U.S. presidential debate. MKTS/GLOB
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.4% at $5.76-1/2 a bushel by 1202 GMT after reaching a one-week high of $5.81-1/4.
Wheat markets have been pressured in recent months by hefty exports from Russia and Ukraine. But doubts over the size of Russia's harvest and concerns that drought will hamper planting for next year's crop were tempering supply expectations.
"Harvest pressure on wheat prices is easing and there are some estimates of lower output in Russia," said one trader in Singapore.
Consultancy IKAR has cut its forecast for Russia's wheat crop to 82.2 million metric tons from 83.8 million tons, citing adverse weather.
Ukraine's domestic and export wheat prices, meanwhile, are likely to rise in the coming weeks due to much smaller wheat stocks, major agricultural producers' group the Ukrainian Agrarian Council (UAC) and analysts said on Wednesday.
CBOT corn Cv1 added 0.6% to $4.06-1/2 a bushel while soybeans Sv1 rose 0.8% to $10.05-1/4 a bushel.
Analysts surveyed by Reuters ahead of Thursday's USDA report on average expect the agency to leave its U.S. 2024 soybean yield forecast unchanged and reduced slightly its corn yield estimate.
The market has been assessing to what extent a dry end to summer may have clipped strong corn and soy yield potential.
"The level of U.S. production will be the determining factor in the coming weeks to decide whether or not corn prices will remain above the $4/bushel zone in Chicago," Argus analysts said in a note.
Soybeans were recovering from a sharp fall on Tuesday that followed better-than-expected U.S. crop ratings in a weekly USDA report.
Prices at 1202 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 576.50 | 2.25 | 0.39 |
CBOT corn Cv1 | 406.50 | 2.25 | 0.56 |
CBOT soy Sv1 | 1005.25 | 8.00 | 0.80 |
Paris wheat BL2U4 | 188.75 | 0.00 | 0.00 |
Paris maize EMAc1 | 200.75 | 0.75 | 0.37 |
Paris rapeseed COMc1 | 466.50 | 3.25 | 0.70 |
WTI crude oil CLc1 | 67.36 | 1.61 | 2.45 |
Euro/dlr EUR= | 1.10 | 0.00 | 0.20 |
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 Sherry Jacob-Phillips and Philippa Fletcher
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