Wheat eases after rally as weather and exports in focus
Updates at 1015 GMT, change dateline
PARIS/CANBERRA, Oct 4 (Reuters) -Chicago wheat slipped for a second day on Friday, moving further from a 3-1/2 month high, as traders monitored rain forecasts for drought-hit Russian wheat belts and assessed how war escalation and importer demand might affect exports.
Corn futures also eased for a second session following a three-month peak this week, while soybeans steaded after a two-day drop.
The run-up to U.S. jobs data later on Friday encouraged the consolidation trend in grains in line with wider financial markets. MKTS/GLOB
The most active wheat contract on the Chicago Board of Trade Wv1 was down 1.2% at $5.96-1/2 a bushel by 1015 GMT, after reaching on Wednesday its highest since mid-June.
Prices were still up nearly 3% this week.
The Middle East conflict has added a risk premium to the market. In addition, the rally has been driving by the rising chance adverse weather in Russia and Europe will hamper planting of the 2025 crop enough to reduce yield potential, Dennis Voznesenski, an analyst at Commonwealth Bank in Sydney,said.
"We expect prices to move higher as we head into 2025," he said.
The latest Russian attack on Ukrainian port infrastructure and a spat between Russia and Kazakhstan, with Moscow effectively banning imports and transit of Kazakh grain through Russian territory, have also contributed to concerns about exports.
On the demand side, traders assessed talk that Turkey may relax a wheat import ban from mid-October.
U.S. weekly wheat export sales reported by the government on Thursday exceeded expectations. EXP/WHE
Traders also digested mixed indications on Egyptian demand, with the country reportedly agreeing a large import deal covering Black Sea wheat, while developing plans to cut imports and use more corn or sorghum in state-subsided bread.
CBOT corn Cv1 slipped 0.4% to $4.26-1/2 a bushel.
Corn, widely used in ethanol, has found support in rising oil prices this week, though progress in harvesting a bumper expected U.S. crop capped prices.
CBOT soybeans Sv1 edged 0.4% higher to $10.50-1/2 a bushel.
Soybeans have faced pressure from forecasts for rain in top producer Brazil, where drought has hampered early planting.
Prices of byproduct soymeal SMv1 have also fallen since Wednesday, after the European Commission proposed delaying new anti-deforestation rules, before steadying on Friday.
Prices at 1015 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 596.50 | -7.00 | -1.16 |
CBOT corn Cv1 | 426.50 | -1.75 | -0.41 |
CBOT soy Sv1 | 1050.50 | 4.50 | 0.43 |
Paris wheat BL2Z4 | 229.50 | -2.75 | -1.18 |
Paris maize EMAc1 | 214.00 | -2.25 | -1.04 |
Paris rapeseed COMc1 | 485.75 | 4.75 | 0.99 |
WTI crude oil CLc1 | 74.49 | 0.78 | 1.06 |
Euro/dlr EUR= | 1.10 | 0.00 | -0.03 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Sherry Jacob-Phillips and Barbara Lewis
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