SINGAPORE, July 11 (Reuters) – Chicago corn futures climbed almost 5% on Monday, adding to last session’s rally, while wheat rose to its highest since late-June with strong demand driving prices higher.
Soybeans jumped more than 2%, rising for a fourth consecutive session.
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 4.8% to $6.53-1/2 a bushel, as of 0026 GMT and wheat Wv1 added 3.7% to $9.24-1/2 a bushel, after hitting its highest since June 30 at $9.40 a bushel.
* Soybeans Sv1 gained 2.5% to $14.31 a bushel.
* Robust world demand for agricultural products is driving grain and oilseed prices higher.
* European Union wheat is being scooped up at the start of the 2022/23 crop season as importers profit from a pullback in prices from records and seek alternatives to Ukrainian supplies disrupted by war, traders and analysts said.
* A rare purchase of German wheat this week by Egypt’s state grains buyer, which ramped up direct purchases outside international tenders, underscored how EU wheat is being tapped in the Middle East and Africa to cover the early part of the new season that started this month.
* Traders said there was market chatter about China showing interest in foreign wheat and corn for possible import purchases.
* China, the world’s biggest soybean importer, and unknown buyers in the week ended June 30 cancelled purchases of about 465,000 tonnes of U.S. soybeans for 2021/22, the U.S. Department of Agriculture said in a weekly export sales report.
* French farmers had harvested 14% of this year’s soft wheat crop by July 4 against 5% a week earlier, farm office FranceAgriMer said on Friday.
* In India, farmers have fallen behind in planting key summer-sown crops such as rice, corn and soybeans due to the uneven distribution of monsoon rainfall, although they could recover ground in the coming week if there is enough rain.
* As of July 8, 40.67 million hectares had been planted with summer crops, some 9.3% less than a year earlier, according to the Ministry of Agriculture & Farmers’ Welfare.
* Traders continued to keep an eye on U.S. weather during a critical time of development for corn and soybean crops. They also adjusted positions ahead of USDA’s monthly supply and demand report due on Tuesday.
* Large speculators cut their net long position in CBOT corn futures in the week to July 5, regulatory data released on Friday showed. The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.
* Wall Street ended flat on Friday as Treasury yields jumped following a stronger-than-expected U.S. jobs report, which suggested the Federal Reserve may push further interest rate hikes to cool the economy and slow inflation. MKTS/GLOB
1415 UK Bank of England Governor Andrew Bailey and some of his top officials are due to answer questions from lawmakers on Britain’s financial stability, with topics likely to include cryptocurrencies and commodity market turmoil
(Reporting by Naveen Thukral)
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