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By Julie Ingwersen
CHICAGO, March 30 (Reuters) – U.S. wheat futures fell on Thursday on profit-taking after one-month highs a day earlier and reminders of strong competition for global export business, analysts said.
Nearby corn and soybean futures drifted lower as traders squared positions ahead of key U.S. plantings and stocks reports due on Friday.
Chicago Board of Trade May wheat WK3 settled down 12-1/2 cents at $6.92-1/4 per bushel, a day after rising to $7.24, its highest level in a month.
CBOT May corn CK3 ended down 1 cent at $6.49-1/2 a bushel and May soybeans SK3 finished down 2-3/4 cents at $14.74-1/2 a bushel.
Wheat eased as traders monitored developments in Russia, the world’s top exporter of the food grain. Grain handler Viterra said it will discontinue its origination and export program out of Russia after July 1, but it plans to create an independent Russian grain exporter. Russia’s agriculture ministry said Viterra’s decision will not affect the amount of Russia’s grain exports.
Viterra rival Cargill said on Wednesday it would take a further step back from the Russian grain market, although its shipping unit will continue to carry grain from the country’s ports.
Wheat futures fell as traders digested the news and considered global supplies.
“Russia is still selling wheat at fire-sale prices. And as you look across Europe, Ukraine and Russia, there was very little winter-kill. Those winter grains should be emerging in pretty good shape,” said Rich Feltes, head of market insights for broker R.J. O’Brien.
European Union production of common wheat will total 130.9 million tonnes in 2023, up from 126 million tonnes the previous year, the European Commission projected.
Corn futures closed lower after a choppy session ahead of Friday’s planting intentions and quarterly stocks reports from the U.S. Department of Agriculture. Analysts surveyed by Reuters on average expect the USDA to project total U.S. 2023 corn plantings at 90.9 million acres, up from 88.6 million a year ago but down slightly from the 91 million acres that the USDA forecast at its February Outlook Forum.
For soybeans, analysts on average expect the USDA to estimate total U.S. 2023 soybean plantings at 88.2 million acres, up from 87.5 million a year ago and above the USDA’s February Outlook Forum forecast of 87.5 million.
(Reporting by Julie Ingwersen in Chicago; Additional reporting by Naveen Thukral in Singapore Editing by Grant McCool and Matthew Lewis)
((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.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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