Content ID

334504

GRAINS-Chicago steady after slide as jobs data, Black Sea supply in focus

* Wheat supported by war, planting worries for Black Sea region * Soybeans hold above two-month low, investors eye U.S. jobs data * U.S., Brazil harvests curb CBOT corn and soy prices (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 7 (Reuters) - Chicago wheat, corn and soybeans were higher on Friday, steadying after a day-earlier slide as investors braced for U.S. jobs data to be the latest gauge of recession risks, while traders assessed risks to Black Sea grain supply. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.4% at $8.91-1/2 a bushel by 1152 GMT, recovering from a one-week low on Thursday. CBOT corn ticked up 0.4% to $6.78-1/4 a bushel after reaching a one-week trough earlier on Friday. Soybeans added 0.2% as they consolidated above a 2-1/2 month low struck in the previous session. Remarks by U.S. President Joe Biden about a recent nuclear weapons warning by Russia over the war in Ukraine, and adverse growing conditions in Ukraine and Russia, put attention back on risks to crucial Black Sea supplies. Wheat prices have been curbed since the summer by increasing volumes shipped from Ukraine through the Black Sea corridor. "As long as uncertainty remains over whether the sea corridor for grains exports that was negotiated with Russia will be extended beyond November, concerns about supply are likely to persist," Commerzbank analysts said. Financial markets are gearing up for monthly U.S. employment data that could influence the scope of further interest rate rises and the chances of an economic recession. Corn and soybean markets have been pressured this week by favourable weather for the U.S. harvest and expectations of bumper crops in rival exporter Brazil. Uncertainty over Chinese demand was also hanging over the soybean market. China's soybean imports are likely to drop to their lowest in more than two years this month, according to two traders and Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. Prices at 1152 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 891.50 12.50 1.42 770.75 15.67 CBOT corn 678.25 2.75 0.41 593.25 14.33 CBOT soy 1360.00 2.00 0.15 1339.25 1.55 Paris wheat 351.75 6.75 1.96 276.75 27.10 Paris maize 339.25 2.00 0.59 226.00 50.11 Paris rape 621.00 4.25 0.69 754.00 -17.64 WTI crude oil 89.48 1.03 1.16 75.21 18.97 Euro/dlr 0.98 0.00 0.06 1.1368 -13.85 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral; Editing by Savio D'Souza and Mark Potter)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Tip of the Day

1-inch impact dolly cart

Socket caddy By welding lengths of angle iron with evenly spaced upright rods onto an old two-wheel dolly, I made a cart that holds my impact wrench... read more

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (26 votes)
Yes
39% (22 votes)
No, it’s going to be a bin-buster
7% (4 votes)
Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 57
Thank you for voting.