GRAINS-Soybeans inch lower on record Brazil output estimates

SINGAPORE, Feb 6 (Reuters)Chicago soybean futures inched lower on Monday, weighed down by estimates of a record output in top exporter Brazil despite slow harvest progress due to heavy rains in key producing regions.

Wheat edged higher after an agriculture consultancy cut its harvest forecast for top exporter Russia, while corn was largely unchanged.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% to $15.30-1/2 a bushel, as of 0223 GMT.

* Wheat Wv1 gained 0.6% to $7.61 a bushel and corn Cv1 gave up 0.04% to $6.77-1/4 a bushel.

* Brazilian farmers have harvested 9.86% of the country’s soybean area so far in the season, with work progressing slowly due to rains in key producing regions, Patria Agronegocios consultancy said on Friday.

* Agriculture consultancy IKAR cut its forecast for Russia’s 2023 wheat harvest to 84 million tonnes from 87 million tonnes, its head Dmitry Rylko told Reuters.

* Ukrainian farms had harvested 53.2 million tonnes of grain in bunker weight from 97% of the expected area as of Feb. 2, the agriculture ministry said on Friday.

* Egyptian state grains buyer the General Authority for Supply Commodities (GASC) said on Saturday it had bought 60,000 tonnes of yellow corn.

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* World food prices fell in January for a 10th consecutive month, and are now down some 18% from a record high hit last March following Russia’s invasion of Ukraine, the United Nations food agency said on Friday.

* Commodity funds were net sellers of Chicago Board of Trade soyoil, soybean and wheat futures contracts on Friday, and net buyers of soymeal and corn futures, traders said. COMFUND/CBT

MARKET NEWS

* Asian shares slipped after a run of upbeat economic data from the United States and globally lessened the risk of recession, but also suggested interest rates would have to rise further and stay up for longer. MKTS/GLOB

DATA/EVENTS (GMT)

0030 Australia Retail Trade Q4

0700 Germany Industrial Orders MM Dec

0700 Germany Manufacturing O/P SA Dec

0700 Germany Consumer Goods SA Dec

0930 UK All-Sector PMI Jan

(Reporting by Matthew Chye; Editing by Subhranshu Sahu)

((Matthew.Chye@thomsonreuters.com; Mobile: +65 91552300))

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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