GRAINS-Wheat up for 3rd session on U.S. weather concerns, soybeans rise

SINGAPORE, Dec 22 (Reuters)Chicago wheat futures rose for a third consecutive session on Thursday, as forecasts of freezing temperatures across key U.S. growing areas threatened crops.

Flying drone with camera

Soybeans edged higher with support from dry weather in Argentina.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.3% to $7.70 a bushel, as of 0112 GMT, soybeans Sv1 added 0.2% to $14.83-1/4 a bushel, and corn Cv1 rose quarter a cent to $6.62-1/2 a bushel.

* Hard red winter wheat crop in the U.S. Plains as well as soft red wheat east of the Mississippi River could face winterkill, as temperatures are forecast to drop further on Friday.

* For soybeans, extended forecasts for Argentina, the world’s leading exporter of soybean products, show a return to dry conditions, which could further delay planting and erode yields.

* Brazil, the world’s biggest soybean exporter, is far less affected by the dry weather, and is expected to begin harvesting soybeans by late January.

* China’s November soybean imports from the United States fell 6.9% from a year earlier, data showed on Tuesday, after low U.S. river levels slowed shipping of beans to ports for export.

See also  iOS 16.2 and iPadOS 16.2 Release Candidate Download Available Now

* China, which is the world’s biggest soybean buyer, imported 3.38 million tonnes of the oilseed from the United States last month, down from 3.63 million tonnes a year earlier, according to the General Administration of Customs.

* Ukraine’s corn production could fall to 22-23 million tonnes this year from 41.9 million in 2021 because of a reduction in the harvested area caused by Russia’s invasion, its agriculture minister said on Wednesday.

* Commodity funds were net buyers of CBOT wheat, corn, soybeans, soyoil and soymeal futures contracts on Wednesday, traders said. COMFUND/CBT

MARKET NEWS

* Global stock markets rose on Wednesday, as U.S. consumer confidence rebounded in December, and the dollar regained stability after the Bank of Japan rocked markets with a surprise decision to loosen its grip on government bond yields. MKTS/GLOB

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised Oct

0700 UK GDP QQ, YY Q3

1330 US GDP Final Q3

1330 US Initial Jobless Clm Weekly

(Reporting by Naveen Thukral; editing by Uttaresh.V)

((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.

See also  Essentials Fall 100: The iRobot Roomba i7+ is our best selling robot vacuum


Source link

Thank you for reading this post, don't forget to subscribe!

We will be happy to hear your thoughts

Leave a reply

 
financetin
Logo
%d bloggers like this: