Chicago wheat and corn futures rose
on Thursday, supported by bargain-buying and questions about a
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Black Sea grain export deal being renewed after Russia said the
West was burying the deal.
Soybeans held steady after rebounding in the previous
session from losses during the last five trading days of
February, as concerns persist about supply from drought-hit
Argentina.
The most-active wheat contract on the Chicago Board of Trade
(CBOT) was up 0.9% at $7.16-1/2 a bushel by 1148 GMT. Corn
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rose 0.8% to $6.40-3/4 a bushel, extending its rebound
from last month’s losses.
Wheat dropped to its lowest since September 2021 earlier
this week on optimism that the Black Sea grain initiative that
facilitates the export of Ukraine’s agricultural products from
its southern ports would be renewed later this month.
However, concern has risen after Russian government comments
in the past days.
Russian Foreign Minister Sergei Lavrov on Thursday accused
the West of “shamelessly burying” the deal, the RIA Novosti news
agency reported.
His ministry had already said on Wednesday that Russia, one
of the world’s largest wheat exporters, would only agree to
extend the deal if the interests of its own agricultural
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producers are taken into account.
Meanwhile, Australia’s 2023/24 wheat crop is likely to be
around 25 million-26 million tonnes, a senior executive at
Graincorp Ltd said on Thursday, after three years of
record production in the world’s second-largest exporter of the
grain.
Feed millers in Asia are boosting corn purchases from India,
as a severe drought has reduced production in traditional
supplier Argentina, two traders said on Thursday.
CBOT soybeans rose 0.3% to $14.99 a bushel.
The U.S. Department of Agriculture may further lower its
forecast for Argentina’s production, which will likely provide
support to U.S. soybean prices, analysts at Huatai Futures in
China said in a note.
Commodity funds were net buyers of CBOT corn, soybean,
wheat, soymeal and soyoil futures contracts on Wednesday,
traders said.
Prices at 1148 GMT
Last Change Pct
Move
CBOT wheat 716,50 6,50 0,92
CBOT corn 640,75 5,00 0,79
CBOT soy 1499,00 4,75 0,32
Paris wheat 276,50 4,00 1,47
Paris maize 274,25 2,75 1,01
Paris rapeseed 531,25 2,75 0,52
WTI crude oil 78,23 0,54 0,70
Euro/dlr 1,0627 -0,004 -0,356
Most active contracts – Wheat, corn and soy US
cents/bushel, Paris futures in euros per tonne
(Reporting by Enrico Dela Cruz in Manila and Sybille de La
Hamaide in Paris; Editing by Sherry Jacob-Phillips, Kirsten
Donovan)
