SINGAPORE/PARIS — Chicago wheat futures
on Tuesday gained more than 1% on concern over global supplies
at a time of strong demand, while corn bounced back from losses
in the previous session after a government report showed a
decline in U.S crop conditions.
The Chicago Board of Trade (CBOT) most-active wheat contract
was up 1.1% at $6.94-1/4 a bushel as of 1030 GMT, rising
for the first time in six sessions.
Corn gained 0.75% to $5.14 a bushel and soybeans
rose 0.35% to $12.89-1/4 a bushel.
France cut its estimate of soft wheat production in the
European Union’s biggest grain grower by more than 600,000
tonnes on Tuesday to 36.06 million tonnes, citing wet summer
This comes at a time of strong global wheat demand,
including a significant number of international tenders in the
Technical factors also weighed on wheat prices.
In the United States, the Department of Agriculture (USDA)
in a weekly progress report rated 58% of the corn crop in
good-to-excellent condition, down 1 percentage point from the
previous week, while soybean ratings were unchanged at 57%
good-to-excellent. Analysts surveyed by Reuters on average had
expected no change for either crop.
“The further decline in plant quality, which the analysts
had not anticipated, has at least lent slight buoyancy to
(corn)prices this morning,” Commerzbank said in a note.
Soybean futures were underpinned by recent exports,
including a daily sales notice of 132,000 tonnes of soybeans to
unknown destinations in the 2021/22 marketing year.
Still, weekly export shipments were muted by damaged
terminals at the U.S. Gulf after Hurricane Ida swept through the
region in early September.
Commodity funds were net sellers of CBOT corn, soybean and
wheat futures contracts on Monday and net buyers of CBOT
soymeal, traders said.
Prices at 1023 GMT
Last Chang Pct End Ytd
e Move 2019 Pct
CBOT wheat 694,25 7,25 1,06 558,75 24,25
CBOT corn 514,00 0,75 0,15 387,75 32,56
CBOT soy 1289,25 4,50 0,35 955,50 34,93
Paris wheat May 241,50 2,50 1,05 188,75 27,95
Paris maize Jun 214,50 2,75 1,30 168,50 27,30
Paris rape May 579,00 3,25 0,56 411,50 40,70
WTI crude oil 70,97 0,52 0,74 61,06 16,23
Euro/dlr 1,18 0,00 -0,03 1,1210 5,31
Most active contracts – Wheat, corn and soy US cents/bushel,
Paris futures in euros per tonne
(Reporting by Naveen Thukral Editing by Devika Syamnath and