You are here

GRAINS-Wheat rises 1% as dry weather curbs Russian output, corn firm

* Wheat rises for 3 out of 4 sessions on lower Black Sea output * Corn, soybeans firm as dry weather threatens U.S. Midwest crops (Adds details, quote) By Naveen Thukral SINGAPORE, July 29 (Reuters) - Chicago wheat futures rose nearly 1% on Monday with the market to climb for three out of four sessions, underpinned by a reduction in estimates for output in top exporter Russia. Soybeans and corn ticked higher after losing ground last week, as the focus turned to dry weather this week in parts of the U.S. Midwest. The most-active wheat contract on the Chicago Board Of Trade added 0.9% at $5.00-1/2 a bushel by 0242 GMT, corn was up 0.3% at $4.25-3/4 a bushel and soybeans gained 0.2% at $9.02-3/4 a bushel. "Downgrades to Russian crop are supporting the market. We have lost as much as 5-7 million tonnes of the crop from when it was looking the best," said Ole Houe, director of advisory services at brokerage IKON Commodities. "However, the world will still produce at least 30 million tonnes of more wheat than last year and have the absolute largest wheat crop the world has ever seen." SovEcon, one of Russia's leading agriculture consultancies, said on Friday it had lowered its forecast for Russia's grain exports in the new 2019/20 marketing season which started on July 1 by 7 million tonnes to 41.9 million tonnes. France should harvest between 38 million and 39 million tonnes of soft wheat this summer, with quality levels meeting export standards, grain exporter Soufflet said on Friday. For corn, threats to production remain as forecasts indicated very hot and dry weather could return to the U.S. Midwest in the weeks ahead, particularly in parts of producing states Illinois, Iowa and Indiana, Commodity Weather Group said. Agricultural markets are eyeing progress in U.S.-China trade talks. The year-long trade war between the world's two largest economies has weighed on soybean trading. U.S. and Chinese trade negotiators shift to Shanghai this week for their first in-person talks since a G20 truce last month, as the two sides struggle to resolve deep differences on how to end the trade war. China has approved soybean imports from all parts of Russia and wheat imports from the Russian region of Kurgan. Grains prices at 0242 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 500.50 4.50 +0.91% +0.20% 515.44 47 CBOT corn 425.75 1.25 +0.29% -0.41% 441.08 31 CBOT soy 902.75 1.75 +0.19% +0.33% 913.73 45 CBOT rice 12.20 $0.01 +0.04% +0.62% $11.77 79 WTI crude 56.07 -$0.13 -0.23% +0.09% $57.18 Currencies Euro/dlr $1.113 $0.000 +0.04% -0.13% USD/AUD 0.6906 0.000 -0.03% -0.63% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Richard Pullin)

© Copyright Thomson Reuters 2019. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Tech Tip: Test Used Technology ASAP 

When you buy a used item, whomever you buy it from will, in general, be fair with you. “However, if you buy an item and are not going to... read more

Talk in Marketing

Most Recent Poll

Do you use a drone on your farm?