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SINGAPORE, April 10 (Reuters) – Chicago wheat futures jumped 1.5% on Monday, rising for the first time in four sessions, as renewed concerns over the Black Sea grain deal underpinned prices.
Corn and soybean prices eased, weighed down by improved weather outlook for U.S. spring plantings.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 gained 1.5% at 6.85-3/4 a bushel, as of 0022 GMT. Corn Cv1 fell 0.2% to $6.42-1/4 a bushel and soybeans Sv1 lost 0.1% to $14.91-3/4 a bushel.
* Russia on Friday threatened to bypass the UN-brokered grain deal unless obstacles to its agricultural exports were removed, while talks in Turkey agreed removing barriers was a necessary condition to extending the agreement beyond next month.
* Russian Foreign Minister Sergei Lavrov attending talks in Ankara said he and Turkish counterpart Mevlut Cavusoglu discussed “a failure” to implement the terms of the deal.
* He said Russia could work outside it if Western countries maintain what he said were obstacles to agricultural exports that were getting tougher.
* Forecasts for warmer, drier weather in the U.S. Farm Belt added to pressure on CBOT futures, as it will encourage corn and soybean plantings, traders said.
* Grain traders are awaiting a monthly U.S. agricultural supply and demand report due on Tuesday.
* U.S. soybean export sales totalled 155,300 tonnes for the week ended March 30, down 42% from the prior four-week average, the U.S. Department of Agriculture said. That was below analysts’ expectations for 200,000 to 600,000 tonnes. There were net cancellations of 48,300 tonnes for 2023/2024. EXP/SOY
* For corn, weekly U.S. export sales of 1.2 million tonnes for 2022/2023 were within analysts’ estimates, though some were hoping for a bigger number after the U.S. Department of Agriculture recently made a string of daily sales announcements to China.
* Agribusiness consultancy Safras & Mercado on Thursday raised its estimate for Brazil’s 2022/2023 soybean crop to 155.08 million tonnes from 152.43 million tonnes in a previous forecast.
* Large speculators trimmed their net short position in CBOT corn futures in the week to April 4, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised their net long position in soybeans.
MARKET NEWS
* U.S. Treasury yields and the dollar climbed in an abbreviated session on Friday after employment data for March indicated the labour market remained tight last month, raising the odds that the Federal Reserve has at least one more rate hike in store. MKTS/GLOB
DATA/EVENTS (GMT)
The 2023 Spring Meetings of the World Bank and the International Monetary Fund take place in Washington D.C. (to Apr. 16)
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
((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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