Content ID

335884

GRAINS-Chicago futures ease as U.S. data awaited, China demand assessed

* Market eyes USDA's monthly supply-demand report for direction * China demand doubts hang over soybean market * Wheat market eyes Black Sea supplies, U.S. crop rating bounce (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 8 (Reuters) - Chicago wheat, corn and soybean futures eased on Tuesday in cautious trading ahead of widely followed U.S. government crop forecasts and as investors assessed demand risks in China, the top soy importer. The wheat market was also grappling with Black Sea supply prospects as talks continued over prolonging a sea corridor from Ukraine. A firm dollar and political uncertainty in the United States, as voters cast ballots in midterm elections, also curbed grain futures. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.9% at $8.38 a bushel by 1200 GMT. CBOT soybeans were 0.4% lower at $14.45 a bushel, easing further from a six-week top struck on Friday. Corn also fell 0.4% to $6.73-1/4 a bushel. Traders are adjusting positions ahead of the U.S. Department of Agriculture's (USDA) Nov. 9 supply and demand forecasts. The average of estimates for the U.S. corn and soybean yield among analysts surveyed by Reuters were unchanged from the USDA's October figures. Investors will also be watching for revisions to the USDA's world wheat projections given adverse weather ahead of harvests in Argentina and Australia, along with mixed signs about Black Sea flows. Ukraine's grain exports so far in the 2022/23 season are down 30.7% from a year ago, agriculture ministry data showed on Monday, illustrating how exports through the United Nations-backed shipping lane have only partly made up for disruption related to Russia's invasion. "We are still far from seeing any kind of return to normality," Commerzbank analysts said in a note. "It is still unclear whether (Ukrainian) grains exports will be able to continue." Worries about COVID-19 restrictions in China weighed on soybeans and other commodity markets including crude oil. Grain markets were also digesting weekly USDA crop progress figures. The data showed corn and soybean harvesting was winding down, while winter wheat conditions improved but were still the lowest for this time of year in records dating to the late 1980s. Prices at 1300 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 838.00 -7.75 -0.92 770.75 8.73 CBOT corn 673.25 -2.50 -0.37 593.25 13.49 CBOT soy 1445.00 -5.25 -0.36 1339.25 7.90 Paris wheat 335.50 -0.50 -0.15 276.75 21.23 Paris maize 329.00 -2.25 -0.68 226.00 45.58 Paris rape 640.00 -8.75 -1.35 754.00 -15.12 WTI crude oil 91.24 -0.55 -0.60 75.21 21.31 Euro/dlr 1.00 0.00 -0.27 1.1368 -12.10 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Rashmi Aich and Paul Simao)

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