Content ID

333341

GRAINS-Wheat holds firm as Ukrainian supply, economy risks weighed

* Renewed concerns over Ukrainian supplies after Russian comments * Soybeans up, higher supplies, slowing Chinese demand curb gains (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Sept 8 (Reuters) - Chicago wheat edged higher on Thursday, holding on to sharp gains from the previous session as investors weighed Russian criticism of a Ukrainian grain export deal and braced for a European Central Bank (ECB) interest rate hike. Corn eased, while soybeans ticked up, as the ECB's policy announcement later on Thursday put the focus on macro-economic risks. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.6% to $8.49-3/4 a bushel at 1144 GMT, after climbing on Wednesday to its highest since July 11 at $8.73-1/2. Wheat markets jumped on Wednesday after President Vladimir Putin said Russia and the developing world had been "cheated" by a U.N.-brokered Ukrainian grain export deal, vowing to look to revise its terms to limit the countries that can receive shipments. "The wheat market is, naturally, sensitive to any suggestion the corridor might be closed or, as in this case, it will be 'narrowed'," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. Wheat futures had been curbed in recent weeks by an increasing flow of Ukrainian shipments through the Black Sea corridor, along with falling prices for Ukrainian and Russian supplies. Recession fears, as central banks raise interest rates to tackle inflation, remained a brake on grain prices by threatening to curb demand. "Grain markets got a boost from Putin's Ukraine export corridor threats yesterday, but most other agriculture markets are pinned lower by the bearish macro mood," Peak Trading Research said in a note. CBOT corn was down 0.2% at $6.70 a bushel and soybeans were up 0.5% at $13.90-1/2 a bushel. Attention on grain markets was also turning towards next Monday's monthly supply and demand forecasts from the U.S. Department of Agriculture, which will include updated U.S. corn and soybean harvest forecasts. Prices at 1144 GMT Last Change Pct End Ytd Pct Move 2021 Move CBOT wheat 849.00 4.75 0.56 770.75 10.15 CBOT corn 670.00 -1.00 -0.15 593.25 12.94 CBOT soy 1390.50 7.00 0.51 1339.25 3.83 Paris wheat 321.00 -5.25 -1.61 276.75 15.99 Paris maize 321.00 -2.50 -0.77 226.00 42.04 Paris rape 601.50 -7.75 -1.27 754.00 -20.23 WTI crude oil 82.24 0.30 0.37 75.21 9.35 Euro/dlr 1.00 0.00 0.24 1.1368 -11.83 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 Singaiore; Editing by Rashmi Aich and Mark Potter)

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