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GRAINS-Wheat futures ease from 2-month peak as coronavirus fallout assessed

* Signs of rush buying, export restrictions fuelled wheat rally

* Market watches Russia developments, awaits U.S. export data

* Corn, soybeans ease with wider markets, eye Latam logistics (Updates with European trading, changes byline/dateline)

By Gus Trompiz and Colin Packham

PARIS/SYDNEY, March 26 (Reuters) - U.S. wheat futures fell on Thursday after rallying to a two-month high the previous session as traders booked profits and awaited developments in the coronavirus crisis that had sparked the recent run-up in wheat markets.

Corn, used to make ethanol biofuel, eased as oil prices weakened due to renewed worries about demand, despite massive stimulus measures.

Soybeans were also lower, curbed by the subdued mood on financial markets and as traders monitored risks of logistical disruption in Argentina that had fuelled price gains in the past week.

The most active wheat futures on the Chicago Board Of Trade were down 0.6% at $5.76-1/4 a bushel by 1207 GMT. On Wednesday, prices hit their highest since Jan. 21 at $5.83-1/4.

"Some, unsurprisingly, took profits from the recent strong gains," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

Wheat has surged in the past week as panic buying of food staples by households accentuated flour demand while also spurring speculative buying on futures markets.

Uncertainty fanned by reports of export restrictions, notably in Russia, also supported prices.

"The market's worries about supply from Russia and other places remain vivid," Gorey said.

The most active CBOT soybean futures were down 0.3% at $8.79 a bushel.

Soybean deliveries to crushing plants have been severely cut in Argentina, the world's top supplier of soymeal livestock feed, as the country reacts to the pandemic, the local grains export industry chamber said on Tuesday.

CBOT corn was down 0.6% at $3.46-1/2 a bushel.

Although prices were under pressure from crippled demand for ethanol, rumours of further Chinese buying were lending some support.

The U.S. Department of Agriculture said on Wednesday that private exporters sold 138,000 tonnes of U.S. corn to unknown destinations.

Grain markets were also waiting for weekly U.S. export data later on Thursday and turning their attention to March 31 U.S. acreage and stocks reports.

"While outside markets are focused squarely on coronavirus and economic stimulus, some ag traders are beginning to look to next week's USDA reports and signs of demand," brokerage Allendale said in a note.

(Reporting by Gus Trompiz in Paris and Colin Packham in Sydney; Editing by Aditya Soni and Nick Macfie)

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