Content ID

335987

GRAINS-Decline in wheat steadies; export, inflation data in focus

* Chicago wheat steadies after 2-month low following USDA report * Investors await U.S. inflation, grain export data * Corn, soybean tick down as USDA yield revisions, firm dollar weigh (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 10 (Reuters) - Chicago wheat steadied after falling to a two-month low on Thursday as market attention turned to U.S. inflation and grain export data later in the day. Corn and soybeans edged lower on higher official estimates for U.S. harvest yields and a stronger dollar. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.3% at $8.09 a bushel by 1244 GMT, after setting a new two-month low earlier in the session. CBOT corn was down 0.4% at $6.61-3/4 a bushel, while soybeans eased 0.5% to $14.44-1/2 a bushel. The monthly U.S. inflation reading is being closely watched as a gauge for the pace of further interest rate hikes by the U.S. Federal Reserve. "This inflation data will move our commodity markets via the U.S. dollar and overall risk vibe," Peak Trading Research said. An increased projection of global supplies by the U.S. Department of Agriculture (USDA) in a monthly supply-demand report on Wednesday pressured wheat futures that have already pushed down by continuing exports through the Black Sea. However, another sharp cut in wheat production forecast in drought-affected Argentina, in an update from the Rosario grains exchange on Wednesday, lent some support to prices. Uncertainty also surrounds the continuation of a United Nations-backed shipping corridor from Ukraine, which currently runs to Nov. 19. Top U.N. officials will meet a senior Russian delegation in Geneva on Friday to discuss extending the grain export deal. U.S. corn and soybean inventories will be bigger than previously thought as yields of both crops were revised up from last month, the USDA said in its report on Wednesday. Demand concerns were also hanging over both markets, with Mexican demand for U.S. corn uncertain after government statements against biotech crops. Soybean traders were weighing concerns over Beijing's COVID-19 restrictions against signs of renewed buying from Chinese importers. Weekly U.S. export data on Thursday will give a latest indication on overseas demand. Prices at 1244 GMT Last Change Pct End 2021 Ytd Pct Move Move CBOT wheat 809.00 2.50 0.31 770.75 4.96 CBOT corn 661.75 -2.75 -0.41 593.25 11.55 CBOT soy 1444.50 -7.50 -0.52 1339.25 7.86 Paris wheat 331.75 3.00 0.91 276.75 19.87 Paris maize 323.25 -0.25 -0.08 226.00 43.03 Paris rape 644.25 0.25 0.04 754.00 -14.56 WTI crude oil 85.28 -0.55 -0.64 75.21 13.39 Euro/dlr 0.99 -0.01 -0.67 1.1368 -12.53 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 Rashmi Aich, Savio D'Souza and Shinjini Ganguli)

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