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By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, Nov 9 (Reuters) – U.S. grain markets were little changed in thin volumes on Wednesday as operators awaited widely followed U.S. government forecasts on supply and demand due later in the day.
The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $14.49-1/2 a bushel by 1140 GMT and corn Cv1 gained 0.1% to $6.68 a bushel while wheat was off 0.1% at $8.27-1/4.
Traders are adjusting positions ahead of the U.S. Department of Agriculture’s (USDA) monthly supply and demand report due at 1700 GMT.
Analysts polled by Reuters expect the USDA to keep its U.S. corn and soy yield estimates unchanged but raise its estimates for U.S. wheat, corn and soybean ending stocks.
Ukraine is seeking an expansion to the Black Sea grain export deal that unblocked three ports that had been shut in by Russia’s invasion. Ukraine wants to include more ports and goods and hopes that a decision to extend the agreement for at least a year will be taken next week, Ukraine’s deputy infrastructure minister said on Tuesday.
The deal expires on Nov. 19 and briefly appeared imperilled last month when Moscow suspended its participation before rejoining again.
Uncertainty about the economy and COVID-19 restrictions in China, the world’s biggest soybean importer, loomed over soy futures, analysts said.
The USDA, through its daily reporting system, said exporters had sold 138,700 tonnes of U.S. soybeans to China, 144,000 tonnes of U.S. soybeans to Mexico and 132,000 tonnes of U.S. soybeans to unknown destinations. Mexico also bought 338,600 tonnes of U.S. corn.
France’s farm ministry on Tuesday reduced its forecast for the country’s drought-affected 2022 grain maize harvest, confirming expectations of the smallest crop since 1990.
Argentinian farmers had last week sold about 72% of the current soybean harvest, government data showed on Tuesday. The crop is particularly importrant to the country because it generates much-needed hard currency for the cash-strapped government.
Commodity funds were net sellers of CBOT wheat, corn, soybean and soyoil futures contracts on Tuesday and net buyers of soymeal futures, traders said. COMFUND/CBT
CBOT wheat Wv1
827.00
-0.75
-0.09
CBOT corn Cv1
668.00
0.50
0.07
CBOT soy Sv1
1449.50
3.00
0.21
Paris wheat BL2Z2
331.75
1.75
0.53
Paris maize EMAc1
327.50
0.75
0.23
Paris rapeseed COMc1
638.75
-2.75
-0.43
WTI crude oil CLc1
88.33
-0.58
-0.65
Euro/dlr EUR=
1.0060
0.00
-0.12
Most active contracts – Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris Editing by Sherry Jacob-Phillips and David Goodman)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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