Content ID

335189

GRAINS-Wheat hovers near 5-week low, soybeans stay firm

* Dollar slide encourages CBOT wheat to consolidate * Black Sea competition, U.S. rain curb prices * Corn flat, soybeans higher (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 26 (Reuters) - Chicago wheat was little changed on Wednesday, pausing after a slide to a five-week low a day earlier, while soybeans extended gains as losses for the dollar added to recent export optimism. Corn was flat. The dollar index slipped to a one-month low as investors saw scope for the U.S. Federal Reserve to curb its pace of interest rate hikes as the economy slows. The weaker dollar, which makes U.S. commodities cheaper overseas, lent some support but wheat remained anchored by improving supply sentiment and sluggish U.S. exports. The chief executive of global grains merchant ADM said on Tuesday he saw no major risks to the continuation of a wartime Black Sea corridor from Ukraine, joining other market players in looking beyond tensions in current talks to extend the arrangement. Rain relief for some recently planted U.S winter wheat and developing crops in Argentina had also tempered weather worries. "There is the improved weather outlook for U.S. winter wheat crop," said one Australia-based analyst. "At the same time there is growing optimism that the Black Sea export corridor will be extended." The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.09% at $8.34 a bushel by 1212 GMT, after touching its lowest since Sept. 20 at $8.26-3/4 on Tuesday. CBOT soybeans added 0.75% to $14.02-3/4 a bushel while corn was unchanged on the day at $6.86-1/4 a bushel. Corn and soybeans have faced supply pressure from an advancing U.S. harvest. However, signs of improved demand from China and brisk domestic processing activity have lent support to U.S. soybeans, countering concerns about an economic downturn and competition from Brazilian supplies. Prices at 1212 GMT Last Change Pct End 2021 Ytd Pct Move Move CBOT wheat 834.00 -0.75 -0.09 770.75 8.21 CBOT corn 686.25 0.00 0.00 593.25 15.68 CBOT soy 1402.75 10.50 0.75 1339.25 4.74 Paris wheat 336.25 -0.25 -0.07 276.75 21.50 Paris maize 333.75 -0.25 -0.07 226.00 47.68 Paris rape 642.00 5.00 0.78 754.00 -14.85 WTI crude oil 86.25 0.93 1.09 75.21 14.68 Euro/dlr 1.00 0.01 0.54 1.1368 -11.88 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 Kirsten Donovan)

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