SINGAPORE — Chicago wheat ticked lower on Monday, after earlier climbing to its highest since Jan. 3 after escalating war between Russia and Ukraine threatened Black Sea region supplies.
Soybeans jumped to a seven-month high on worries about dryness in Argentina and excessive rains in Brazil.
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FUNDAMENTALS
* The most-active Chicago Board of Trade (CBOT) wheat contract lost 0.1% to $7.85 a bushel, as of 0117 GMT, after climbing earlier in the session to $7.91 a bushel, its highest since the early days of the year.
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* Soybeans added 0.4% to $15.48-1/2 a bushel, having jumped to $15.53 a bushel, the highest since June and corn gave up 0.1% to 6.80 a bushel.
* Russian missiles hit power facilities on Friday across Ukraine, where President Volodymyr Zelenskiy returned from a tour of Western capitals and Ukrainian officials said a long-awaited Russian offensive was underway in the east.
* The escalation is putting at risk the U.N.-backed grain deal which allows grain shipments from Russia and Ukraine.
* Ukraine’s agriculture ministry has proposed increasing the minimal tonnage of ships which carry grain and vegetable oil from the country via a grain corridor, aiming to boost exports despite opposition from Russia.
* Russia’s ambassador to the United Nations said Moscow has not been able to export any grain as part of the Black Sea grain deal.
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* Corn and soybean traders are monitoring forecasts projecting rain in Argentina in the coming days, though showers may miss some drought-stricken crop belts.
* Expectations of a record soybean crop in Brazil have tempered worries over Argentine losses but heavy rains there threatened to delay the harvest and push seeding of the country’s safrinha corn crop beyond the ideal time frame.
* Commodity funds were net buyers of CBOT soybean, corn, wheat, soyoil and soymeal futures contracts on Friday, traders said.
MARKET NEWS
* The dollar firmed and global equity markets fell on Friday as rising interest rates unsettled investors amid a growing chorus of central bank officials insisting monetary policy needs to remain tight for some time to lick inflation.
DATA/EVENTS (GMT)
No major data/events expected on Monday, Feb. 13 (Reporting by Naveen Thukral)
