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SINGAPORE, Feb 23 (Reuters) – Chicago wheat inched higher on Thursday, but the market traded close to last session’s two-week low as a tender by top importer Egypt highlighted competition from the Black Sea region, easing concerns about the Russia-Ukraine war hitting supplies.
Corn gained ground, while soybeans slid.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.2% to $7.51-1/2 a bushel, as of 0109 GMT. Corn Cv1 added 0.2% to $6.75-1/4 a bushel and soybeans Sv1 lost 0.1% to $15.33-1/2 a bushel.
* Egypt’s wheat tender served as a reminder of stiff export competition from Black Sea suppliers. The lowest offer in the tender was for Russian wheat, while the only offer of non-Black Sea wheat, for French supplies, was the most expensive, according to traders. No U.S. wheat was offered.
* After the CBOT closed on Wednesday, Egypt’s state grains buyer booked 240,000 tonnes of Russian wheat.
* Ukraine will ask Turkey and the United Nations this week to start talks to roll over the Black Sea grain deal, seeking an extension of at least one year that would include the ports of Mykolaiv, a senior Ukrainian official said on Wednesday.
* For soybeans, a few beneficial showers emerged in drought-hit Argentina, adding to pressure on prices.
* Traders await the U.S. Department of Agriculture’s annual two-day Outlook Forum starting on Thursday, in which the agency is expected to release preliminary forecasts for 2023 plantings and production of major U.S. crops.
* Analysts surveyed by Reuters on average projected U.S. corn plantings at 90.9 million acres, up from the 88.6 million acres seeded in 2022, and soybean plantings at 88.6 million acres, up from 87.5 million acres in 2022.
* Commodity funds were net sellers of CBOT wheat, corn, soybean and soymeal futures contracts on Wednesday and net buyers of soyoil futures, traders said. COMFUND/CBT
MARKET NEWS
* Global equities and U.S. Treasury yields were lower on Wednesday as recent strong economic data had investors worried about aggressive interest rate hikes even though minutes of the Federal Reserve’s last meeting showed officials at the Jan. 31 to Feb. 1 meeting favoured moderation. MKTS/GLOB
DATA/EVENTS (GMT)
1000 EU HICP Final MM, YY Jan
1330 US GDP 2nd Estimate Q4
1330 US Initial Jobless Clm Weekly
(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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