Content ID

335922

GRAINS-Chicago grain markets steady in muted trade ahead of U.S. report

* U.S. agriculture supply and demand report due at 1700 GMT * USDA corn and soybean yield estimates expected to be unchanged * Ukraine wants grain deal expanded, hopes for decision next week (Updates prices) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Nov 9 (Reuters) - U.S. grain markets were little changed in thin volumes on Wednesday as operators awaited widely followed U.S. government forecasts on supply and demand due later in the day. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $14.49-1/2 a bushel by 1140 GMT and corn gained 0.1% to $6.68 a bushel while wheat was off 0.1% at $8.27-1/4. Traders are adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly supply and demand report due at 1700 GMT. Analysts polled by Reuters expect the USDA to keep its U.S. corn and soy yield estimates unchanged but raise its estimates for U.S. wheat, corn and soybean ending stocks. Ukraine is seeking an expansion to the Black Sea grain export deal that unblocked three ports that had been shut in by Russia's invasion. Ukraine wants to include more ports and goods and hopes that a decision to extend the agreement for at least a year will be taken next week, Ukraine's deputy infrastructure minister said on Tuesday. The deal expires on Nov. 19 and briefly appeared imperilled last month when Moscow suspended its participation before rejoining again. Uncertainty about the economy and COVID-19 restrictions in China, the world's biggest soybean importer, loomed over soy futures, analysts said. The USDA, through its daily reporting system, said exporters had sold 138,700 tonnes of U.S. soybeans to China, 144,000 tonnes of U.S. soybeans to Mexico and 132,000 tonnes of U.S. soybeans to unknown destinations. Mexico also bought 338,600 tonnes of U.S. corn. France's farm ministry on Tuesday reduced its forecast for the country's drought-affected 2022 grain maize harvest, confirming expectations of the smallest crop since 1990. Argentinian farmers had last week sold about 72% of the current soybean harvest, government data showed on Tuesday. The crop is particularly importrant to the country because it generates much-needed hard currency for the cash-strapped government. Commodity funds were net sellers of CBOT wheat, corn, soybean and soyoil futures contracts on Tuesday and net buyers of soymeal futures, traders said. CBOT wheat 827.00 -0.75 -0.09 CBOT corn 668.00 0.50 0.07 CBOT soy 1449.50 3.00 0.21 Paris wheat 331.75 1.75 0.53 Paris maize 327.50 0.75 0.23 Paris rapeseed 638.75 -2.75 -0.43 WTI crude oil 88.33 -0.58 -0.65 Euro/dlr 1.0060 0.00 -0.12 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris Editing by Sherry Jacob-Phillips and David Goodman)

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