Content ID

334435

GRAINS-Chicago grains ease as harvest progress, dollar weigh

* CBOT corn, wheat and soybeans all lower * Fair weather helps U.S. corn, soy harvest; economy worries support dollar (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 6 (Reuters) - Chicago corn, wheat and soybean futures eased on Thursday as fair weather helped the U.S. harvest, while the dollar strengthened as investors remained wary of an economic downturn. A pause in a crude oil rally following an output cut announced on Wednesday by OPEC+ producing countries also removed some support from grains, which are partly linked to biofuel markets. The U.S. harvest of corn and soybeans is progressing under clear skies across much of the Midwest this week, adding seasonal supply pressure. Rains in the southern U.S. Plains were also expected to aid recently sown winter wheat, though conditions remained parched in much of the U.S. wheat belt. Attention is turning to next week's U.S. Department of Agriculture (USDA) October crop forecasts for a gauge of harvest yields after a dry summer. The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $6.81-1/2 a bushel by 1150 GMT. CBOT soybeans edged down 0.8% to $13.58-1/4 a bushel, after earlier touching a two-month low. CBOT wheat was 1.2% lower at $8.91-1/4 a bushel. "Price moves in the overnight session are limited as the market tries to consolidate with an eye on next week's USDA report," consultancy Agritel said. Continuing flows of Ukrainian grain through a wartime Black Sea corridor and cheap prices of Russian wheat were also curbing wheat markets, after Russia's annexation of occupied zones of Ukraine fuelled three-month highs for futures in the past week. The lowest price offer submitted in a tender on Wednesday by Iraq to buy a nominal 50,000 tonnes of wheat was believed to be $386 a tonne for cargo to be sourced from Ukraine. Weekly U.S. export sales on Thursday showed corn volumes below a range of market estimates, wheat at the low end of expectations and soybeans in the middle of market predictions. The dollar rose on Thursday, halting a slide from last week's 20-year peak, as investors assessed the pace of potential interest rate rises that could trigger an economic recession. Prices at 1150 GMT Last Change Pct End 2021 Ytd Pct Move Move CBOT wheat 891.25 -10.75 -1.19 770.75 15.63 CBOT corn 681.50 -2.50 -0.37 593.25 14.88 CBOT soy 1358.25 -11.50 -0.84 1339.25 1.42 Paris wheat 348.75 -4.00 -1.13 276.75 26.02 Paris maize 337.50 -1.25 -0.37 226.00 49.34 Paris rape 619.75 -13.00 -2.05 754.00 -17.81 WTI crude oil 87.44 -0.32 -0.36 75.21 16.26 Euro/dlr 0.99 0.00 -0.21 1.1368 -13.26 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 Subhranshu Sahu and Shounak Dasgupta)

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