Content ID

335279

GRAINS-Chicago grains ease as exports, weather assessed

* U.S. corn exports miss expectations, wheat volume improved * Argentine rain, weaker wider markets also curb grains * Grain markets still awaiting clarity of Black Sea corridor (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 28 (Reuters) - Chicago corn, wheat and soybeans edged down on Friday as grain markets assessed mixed export indications, uncertainty over the shipping corridor from Ukraine and rain relief for U.S. and Argentine crops. Weakness in broader financial markets, as earnings forecasts from technology giants and new COVID-19 restrictions in Chinese cities fuelled economic worries, also curbed grain prices. The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $6.79-3/4 a bushel by 1202 GMT, easing further back from a one-week top touched on Wednesday. CBOT wheat gave up 0.7% to $8.32-3/4 a bushel, though it held above a one-month low struck on Wednesday. Soybeans were down 0.6% at $13.85-1/2 a bushel, moving back from a near two-week peak on Thursday. The U.S. Department of Agriculture (USDA) reported weekly U.S. corn export sales of 264,000 tonnes in the week ended Oct. 20, missing the low end of analyst estimates. "The outlook for U.S. corn exports is bearish, given the transport issues being faced by shippers due to low water levels in the Mississippi river," said one analyst. At the same time, weekly U.S. soybean export sales of 1.026 million tonnes were within a range of analysts forecasts while wheat sales of 533,200 tonnes topped the high end of expectations. Traders were also weighing the potential impact of rain in parched growing belts in the U.S. Plains and Argentina. Much-needed rain improved conditions for wheat and corn in Argentina, the Buenos Aires grains exchange said on Thursday. However, there was caution about any boost for soon to be harvested wheat following steep cuts to production forecasts. "In Argentina, some beneficial rainfall will ease corn plantings. However, for wheat, the damage due to drought is irreversible," consultancy Agritel said. A hesitant trend in grain markets this week has reflected uncertainty over talks to extend an export corridor for Ukrainian grain. Russia said on Friday that only 3% of food exported under the U.N.-brokered deal has gone to the poorest countries, reiterating criticism of the corridor arrangement that currently runs to mid-November. Prices at 1202 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 832.75 -5.75 -0.69 770.75 8.04 CBOT corn 679.75 -2.50 -0.37 593.25 14.58 CBOT soy 1385.50 -8.00 -0.57 1339.25 3.45 Paris wheat 336.25 -0.25 -0.07 276.75 21.50 Paris maize 335.00 -0.25 -0.07 226.00 48.23 Paris rape 650.25 -1.75 -0.27 754.00 -13.76 WTI crude oil 88.44 -0.64 -0.72 75.21 17.59 Euro/dlr 1.00 0.00 -0.11 1.1368 -12.46 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 David Evans)

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