Content ID

333645

GRAINS-U.S. wheat hits 9-week high on global supply concerns

Sept 15 (Reuters) - U.S. wheat futures climbed to a nine-week peak on Thursday, supported by lingering concerns about tight global supplies despite an accelerating pace of grain shipments from Ukraine following a U.N.-brokered export corridor deal.

Soybeans and corn prices rose after two days of losses.

FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 1.1% at $8.81-1/2 a bushel, as of 0207 GMT, having touched its highest price since July 11 at $8.84-3/4 during Asian trading.

* CBOT soybeans rose 0.6% to $14.63 a bushel, while CBOT corn gained 0.2% to $6.83-1/4 a bushel.

* U.N. chief Antonio Guterres said he was hopeful a U.N.-brokered Ukrainian grain export arrangement would be maintained and expanded to include Russian ammonia, despite Moscow's criticism of the deal.

* Despite the success so far of the food and fertilizer export deal, Guterres said an end to the Russia-Ukraine war was "still far away."

* The pace of grain exports from Ukraine has risen so far in September but volumes are still well below last season's levels.

* Seeking to avert a potential rail shutdown that could disrupt cargo shipments and impede food and fuel supplies, Biden administration officials hosted labor contract talks on Wednesday as one of the smaller unions involved in the dispute rejected a deal.

MARKET NEWS

* A gauge of global stock markets stumbled for a second straight day on Wednesday as a reading on inflation did little to alter expectations the U.S. Federal Reserve will stay aggressive in fighting inflation.

DATA/EVENTS (GMT)

0430 Japan Tertiary Ind Act NSA Jul

0645 France CPI (EU Norm) Final Aug

0900 EU Total Trade Balance SA Jul

1100 EU Reserve Assets Total Aug

1200 UK GB BOE QE Corp Sep

1230 US Import Prices YY Aug

1230 US Initial Jobless Clm Weekly

1230 US Philly Fed Business Indx Sep

1230 US Retail Sales MM Aug

1315 US Industrial Production MM Aug (Reporting by Enrico Dela Cruz in Manila; Editing by Sherry Jacob-Phillips)

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