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SINGAPORE, Jan 5 (Reuters) – Chicago wheat futures edged higher on Thursday, rising for the first time in three sessions on bargain buying, although ample supplies from the Black Sea region provided a lid on prices.
Soybeans and corn ticked higher, with both contracts reclaiming some of previous session’s losses.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.2% at $7.47 a bushel, as of 0114 GMT, after dropping to its lowest since Dec. 19 at $7.44 a bushel in the previous session.
* Soybeans Sv1 added 0.3% to $14.87-3/4 a bushel and corn Cv1 rose 0.3% to $6.56 a bushel.
* Abundant low-priced wheat supplies from Russia and Ukraine are giving stiff competition to U.S. exporters.
* Russia’s January wheat exports will remain high for this time of the July-June marketing season – near at least 3.6 million tonnes – after a huge 2022 grain crop, analysts said.
* Russia, the world’s largest wheat exporter, harvested a record grain crop of 151.0 million tonnes after drying and cleaning, including 102.7 million tonnes of wheat, according to preliminary official 2022 data.
* Ukraine’s efforts to increase exports under the Black Sea grain deal with Russia are currently focused on securing faster inspections of ships rather than including more ports in the initiative, a senior Ukrainian official said on Wednesday.
* There is additional pressure on agricultural commodity prices from worries about economic headwinds, including the impact of a surge of COVID-19 cases in China, were encouraging selling in commodities, analysts said.
* In the U.S. Plains, condition ratings for the winter wheat crop fell during December in Kansas, but increased in Colorado and Oklahoma, the U.S. Department of Agriculture (USDA) said late on Tuesday.
* For soybeans, Argentine farmers have so far sold 80.1% of the 2021/22 harvest, the country’s agriculture ministry said on Wednesday, slightly behind the 80.5% sold during the same period in the previous cycle.
* The USDA said separately on Wednesday that exporters struck deals to sell 124,000 tonnes of U.S. soybeans to unknown destinations.
* Commodity funds were net sellers of CBOT corn, wheat, soybean, soyoil and soymeal futures contracts on Wednesday, traders said. COMFUND/CBT
MARKET NEWS
* Global stocks and bonds closed higher on Wednesday on cautious optimism about the new year after a brutal 2022, although U.S. stocks eased off session highs after the Federal Reserve released minutes from its December meeting that struck a hawkish note. MKTS/GLOB
DATA/EVENTS (GMT)
0145 China Caixin Services PMI Dec
0900 Germany Overall Comprehensive Risk Q1
0900 France Overall Comprehensive Risk Q1
0900 UK Overall Comprehensive Risk Q1
0930 UK Composite PMI Final Dec
0930 UK Reserve Assets Total Dec
1330 US International Trade Nov
1330 US Initial Jobless Clm Weekly
1445 US S&P Global Comp, Svcs Final PMI Dec
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
((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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