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By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, March 10 (Reuters) – Chicago wheat futures held steady after falling earlier on Friday, but were still poised for their fourth week of decline on growing expectations of a Black Sea deal, which will allow Ukraine to continue shipping grains.
Corn and soybeans were also on track for a weekly drop, although losses were limited by a severe drought dragging down yields in key supplier Argentina.
The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was virtually unchanged at $6.66 a bushel as of 1200 GMT, after falling as low as $6.62-3/4 a bushel, its lowest level since mid-July, 2021.
Corn Cv1 was down 0.2% at $6.10-1/2 a bushel and soybeans Sv1 lost 0.4% to $15.04-3/4 a bushel.
The wheat market has lost more than 15% during the period; soybeans have given up some 9% over the same period while corn is down more than 10%.
The U.S. and European wheat markets have been under pressure from Russian export competition and expectations that the wartime grain corridor from Ukraine will be extended beyond this month, increasing available global supplies.
“For the moment, as negotiations are still in progress, operators still favour a renewal of the export corridor from Ukraine,” French consultancy Agritel said in a note.
In Europe, the benchmark May contract BL2K3 on Paris-based milling wheat futures was trading at a more than one-year low at 261.50 euros ($276.75) a tonne.
Still, Russia on Thursday said the deal to ensure safe exports of grain from Ukraine’s Black Sea ports was only being “half-implemented”, raising doubts about whether it would allow an extension of the agreement.
Extreme drought continues to reduce soybean and corn yields in Argentina, the Buenos Aires grains exchange said, cutting its estimate for the country’s 2022/23 soybean production to 29 million tonnes, against the 33.5 million tonnes seen previously while corn production was pegged at 37.5 million tonnes, down from the 41 million tonnes previously expected.
Commodity funds were net sellers of CBOT corn, wheat, soyoil and soybean futures contracts on Thursday, traders said. Funds were net buyers of CBOT soymeal futures, they added. COMFUND/CBT
Prices at 1200 GMT
Last
Change
Pct Move
CBOT wheat Wv1
666,00
0,25
0,04
CBOT corn Cv1
610,50
-1,00
-0,16
CBOT soy Sv1
1504,75
-6,00
-0,40
Paris wheat BL2K3
262,00
-1,50
-0,57
Paris maize EMAM3
257,50
-2,75
-1,06
Paris rapeseed COMc1
487,50
-11,50
-2,30
WTI crude oil CLc1
75,15
-0,57
-0,75
Euro/dlr EUR=
1,0588
0,001
0,076
Most active contracts – Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; editing by Eileen Soreng, Sonia Cheema and Emelia Sithole-Matarise)
((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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