You are here

GRAINS-Wheat up again as Egypt buys U.S. cargoes, soybeans fall

* Wheat up on hopes of higher demand for U.S. cargoes * Russia-Ukraine tensions raise concern on export impact * Soybeans fall for 2nd day on U.S.-China trade war (Updates prices, adds details, quote, changes byline/dateline) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Nov 26 (Reuters) - Chicago wheat futures rose for a second session on Monday as Egypt's purchase of U.S. cargoes in a tender boosted expectations of higher demand for North American supplies. Prices were also supported by concerns that Russian-Ukrainian tensions could impact wheat exports. Soybeans lost more ground as the Washington-Beijing trade war continues to curb Chinese demand for U.S. supplies. The most-active wheat contract on the Chicago Board Of Trade gained 1.1 percent to $5.12-3/4 a bushel at 1215 GMT. In the previous session, it climbed to $5.16 a bushel, its highest since Nov. 13. Soybeans lost 0.8 percent to $8.74-1/4 a bushel, having closed down 0.2 percent on Friday and corn was down 0.1 percent at $3.58-3/4 a bushel, having closed 0.8 percent lower on Friday. "Demand for U.S. wheat is picking up and there was some U.S. wheat sold to Egypt which is supporting prices," said one Singapore-based grains trader. "Buyers are expected to turn to U.S. wheat in the coming months as supplies tighten in the Black Sea area." Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 240,000 tonnes of wheat in a tender on Thursday, with half coming from the United States. Egypt also bought 60,000 tonnes of Russian wheat and 60,000 tonnes of Romanian wheat in the tender, which closed when U.S. markets were shut for the Thanksgiving holiday. "Tensions between Russia and Ukraine during the weekend could have an impact on the level of loadings from Mariupol port as facilities are currently subject to increased controls," French consultancy Agritel also said. Mariupol is a grain export hub on the Sea of Azov. The area has been at the centre of a crisis between Russia and Ukraine, which began on Sunday after Moscow stopped three Ukrainian ships from entering the Sea of Azov. Soybeans were under pressure amid fears of a prolonged trade war between the United States and China. China is the world's largest soybean importer, and the oilseed is the largest U.S. agricultural export to the Asian country. However, retaliatory Chinese tariffs against U.S. soybeans have stalled trade, threatening to leave a bumper U.S. harvest piled up in storage or rotting in fields. China has been buying Brazilian soybeans during the trade war and may be able to continue avoiding U.S. soy due to an early harvest in South America. Prices at 1215 GMT Last Chang Pct End Ytd e Move 2017 Pct Move CBOT wheat Dec 512.75 5.50 1.08 427.00 20.08 CBOT corn Dec 358.75 -0.25 -0.07 350.75 2.28 CBOT soy Dec 874.25 -6.75 -0.77 951.75 -8.14 Paris wheat Dec 199.75 0.50 0.25 162.50 22.92 Paris maize Jun 174.25 0.25 0.14 167.75 3.87 Paris rape Aug 367.25 -2.75 -0.74 347.75 5.61 WTI crude oil 50.98 0.56 1.11 60.42 -15.62 Euro/dlr 1.14 0.00 0.23 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral; Editing by Richard Pullin and Edmund Blair)

© Copyright Thomson Reuters 2018. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Talk in Marketing

Most Recent Poll

Did you apply for prevent plant this year?