Content ID

335017

GRAINS-Chicago futures ease with focus on exports, Black Sea corridor

* Dollar rise, economy worries curb grain markets * Soybeans had rallied on Thursday on upbeat export news * Turkey's Erdogan sees no obstacles to corridor renewal (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 21 (Reuters) - Chicago corn, wheat and soybean futures edged lower on Friday as a sharp rise in the dollar tempered export sentiment, while traders continued to monitor talks to prolong a wartime shipping corridor for Ukrainian grain. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.7% at $13.82 a bushel by 1120 GMT. CBOT wheat gave up 1.1% to $8.39-3/4 a bushel while corn lost 0.5% to $6.80-3/4 a bushel. Soybeans had climbed on Thursday after the biggest weekly U.S. export sales in a year along with the announcement of a new export sale to China. But Friday's rally in the dollar index, as investors remained preoccupied by interest rate hikes to counter inflation, put the focus back on export headwinds. A stronger dollar makes U.S. commodities more expensive overseas. "Economic concerns ... still linger and overshadow the demand outlook for commodities," consultancy CRM Agri said in a note. An advancing U.S. corn and soybean harvest was also creating supply pressure, along with early expectations for a bumper Brazilian soy crop next year. Grain markets have also been reacting to mixed indications regarding talks to prolong a United Nations-backed shipping corridor from Ukrainian ports. After Russian officials renewed criticism of Moscow's concerns not being addressed, Turkey's President Tayyip Erdogan was quoted on Friday saying he saw no obstacles to the corridor deal being extended. U.S. and European wheat futures fell to a four-week low earlier this week on hopes that the corridor will be maintained beyond November, although a wave of tenders from importers helped underpin prices. Wheat traders are also monitoring declining prospects for Argentina's drought-affected harvest. The Buenos Aires Grains Exchange on Thursday cut its forecast of the upcoming crop to 15.2 million tonnes from 16.5 million a week earlier. Prices at 1120 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 839.75 -9.50 -1.12 770.75 8.95 CBOT corn 680.75 -3.25 -0.48 593.25 14.75 CBOT soy 1382.00 -9.50 -0.68 1339.25 3.19 Paris wheat 336.75 -2.00 -0.59 276.75 21.68 Paris maize 331.75 -0.50 -0.15 226.00 46.79 Paris rape 624.75 -7.25 -1.15 754.00 -17.14 WTI crude oil 84.88 0.37 0.44 75.21 12.86 Euro/dlr 0.98 0.00 -0.30 1.1368 -14.20 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 and Devika Syamnath)

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