Content ID

332976

GRAINS-Corn eases from two-month high, lower U.S. crop outlook curbs losses

SINGAPORE, Aug 30 (Reuters) - Chicago corn futures slid on Tuesday, as the market took a breather after hitting a more than two-month high in the previous session on support from the deteriorating condition of the U.S. crop.

Wheat dipped, although the market traded close to last session's seven-week top, while soybeans slid for a second session.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) slid 0.6% to $6.79 a bushel, as of 0025 GMT. The market climbed to its highest since late June on Monday.

* Wheat fell 0.3% to $8.40-1/4 a bushel and soybeans lost 0.4% to $14.31-3/4 a bushel.

* The U.S. Department of Agriculture (USDA), in a report issued after the close of trading on Monday, rated 54% of the nation's corn crop in good-excellent condition, down from 55% a week earlier and in line with analysts' estimates.

* Ratings for the soybean crop were unchanged at 57% good-excellent, above expectations for 56%.

* Advisory service Pro Farmer on Friday estimated the U.S. corn harvest at 13.759 billion bushels, the smallest since 2019 and below USDA forecasts for 14.359 billion bushels. Scouts on a Pro Farmer tour last week checked crops in hundreds of Midwestern fields.

* For soybeans, Pro Farmer predicted a crop of 4.535 billion bushels, slightly above the USDA forecast of 4.531 billion bushels.

* Gains in corn futures reflected market efforts to entice farmers in South America to plant more acres of the grain at a time of supply concerns, analysts said.

* Ukraine's agricultural exports could rise to 6 million-6.5 million tonnes in October, double the volume seen in July, as its sea ports gradually reopen, the country's agriculture minister said on Monday.

* The Russia-focused Sovecon consultancy said on Monday it had raised its forecast for Russia's wheat exports in the 2022/23 marketing season which started on July 1 by 200,000 tonnes to 43.1 million tonnes.

* Canadian farmers will harvest more wheat than expected, and the biggest canola crop in three years, a report featuring the government's first official harvest estimates showed on Monday.

* Statistics Canada estimated all-wheat production at 34.6 million tonnes, 55% more than last year, and exceeding the industry's average estimate of 34 million.

* China's agriculture minister expressed concern for the country's autumn grain production, according to a ministry statement on Monday, and said high temperatures and drought have hit rice production in the eastern Jiangsu and Anhui provinces.

MARKET NEWS

* World stocks slumped on Monday, as the growing risk of more aggressive U.S. and European interest rate hikes inflicted more pain on bond markets and pushed the dollar to new 20-year highs, as recession fears mount.

DATA/EVENTS (GMT) 0130 Australia Building Approvals July 0130 Australia Building Approvals Total YY July 0900 EU Consumer Confid. Final Aug 1200 Germany CPI, HICP Prelim YY Aug 1400 US Consumer Confidence Aug (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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

Read more about
Loading...

Talk in Marketing