SINGAPORE — Chicago wheat futures retreated on Thursday after six straight sessions of gains, although losses were limited by concerns over dry weather curbing yields in top exporters Russia and the United States.
Corn and soybeans slid in early Asian trade.
* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.7% to $7.05-3/4 a bushel, as of 0019 GMT. Corn lost 0.8% to $5.64-1/4 a bushel and soybeans gave up 0.6% to $13.81-3/4 a bushel.
* The wheat market is being underpinned by crop concerns in North America and the Black Sea region.
* Russia’s agriculture ministry said yields from the harvest of the country’s wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes per hectare a year earlier.
* Commodity funds were net buyers of CBOT corn, wheat and soymeal contracts on Wednesday, traders said. They were net sellers of soyoil and even in soybeans.
* Markets continued their upward march on Wednesday and yields climbed due partly to positive corporate earnings, despite apprehension about the Delta coronavirus variant and inflation, which spurred a flight to safety earlier in the week.
DATA/EVENTS (GMT) 0645 France Business Climate Mfg July 1145 EU ECB Refinance Rate July 1145 EU ECB Deposit Rate July 1230 US Initial Jobless Clm Weekly 1400 US Existing Home Sales June 1400 EU Consumer Confid. Flash July (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)