Chicago wheat falls on firm dollar; corn and soy also down
By Nigel Hunt
LONDON, Oct 24 (Reuters) - Wheat prices on the Chicago Board of Trade were lower on Monday, weakened by a firmer dollar and expectations that the Black Sea grain deal will be renewed after another shipment left Ukraine, while corn and soybean prices also fell.
The most active CBOT wheat contract was down 0.9% at $8.43-1/4 a bushel by 1024 GMT.
The dollar index strengthened 0.3%, making commodities priced in the greenback more expensive for buyers with other currencies.
Ukraine said that a ship carrying 40,000 tonnes of wheat departed on Sunday from Chornomorsk bound for Yemen, but uncertainty remained over whether the Black Sea exports corridor could extend beyond the Nov. 19 deadline.
"The market seems to think that the corridor will be extended," Commonwealth Bank of Australia's Tobin Gorey said in a report.
Rains in wheat exporter Australia also remained a concern.
"In Australia, rains are still persisting in the southeast of the country, raising serious concerns about the quality of the upcoming harvest," Agritel analysts said in a note.
Wheat production in Australia is forecast at 34 million tonnes in 2022/23, down from the record 2021/22 crop of 36.3 million tonnes but still the second-largest in history, the U.S. Department of Agriculture attache said in a report.
The most active CBOT soybean contract was down 0.95% at $13.82-1/2 a bushel while corn lost 0.7% to $6.79-3/4 a bushel.
China's soybean imports in September jumped 12% from a year earlier to 7.72 million tonnes, customs data showed, reversing a months-long trend of low arrivals.
"(Chinese) crush margins have been weak this year, which has limited imports, but crushers ultimately needed supplies and so there has been an uptick in imports and buying," said Darin Friedrichs at Sitonia Consulting.
"Feed demand should be stronger through the remainder of the year as hog margins are very good now," Friedrichs added.
China's economy rebounded faster than expected in the third quarter, beating forecasts.
(Additional reporting by Mai Nguyen in Hanoi Editing by Sherry Jacob-Phillips and David Goodman )
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