Wheat up for second day on supply worries; corn, soybeans ease

Author of the article: SINGAPORE — Chicago wheat futures rose more than 1% on Tuesday, with the market gaining for a second session as expectations of a protracted Russia-Ukraine war heightened concerns over global supplies. Corn and soybeans ticked lower, giving up some of last session’s strong gains. FUNDAMENTALS * The most-active wheat contract on…
Wheat up for second day on supply worries; corn, soybeans ease

Author of the article:

SINGAPORE — Chicago wheat futures rose more than 1% on Tuesday, with the market gaining for a second session as expectations of a protracted Russia-Ukraine war heightened concerns over global supplies.

Corn and soybeans ticked lower, giving up some of last session’s strong gains.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) added 1.5% to $11.36 a bushel, as of 0053 GMT, having climbed more than 5% on Monday.

* Corn lost 0.3% to $7.54-1/4 a bushel and soybeans gave up 0.2% to $16.87-3/4 a bushel.

* Ukraine faces a possible grain revenue loss of $6 billion as the blockade of its ports by Russian forces prevents it from selling millions of tonnes of wheat and corn that had been earmarked for export by June, a senior industry official said.

* Countries that rely on imports of Ukrainian wheat – including Egypt, Turkey and Yemen – will need to find alternative supplies, aid agencies have warned.

* The U.S. Department of Agriculture said on Monday that weekly export inspections of corn totalled 1.466 million tonnes, up 28% from a week earlier. Wheat export inspections rose to 330,632 tonnes from 307,218 tonnes.

* However, Russia is exporting more wheat via its Black Sea ports as Azov Sea routes remain restricted, analysts said on Monday, while domestic prices for the grain rose last week because of the weakening rouble.

* IKAR said prices for wheat with 12.5% protein content from the Black Sea ports were at $390 per tonne free on board, although there were few new deals in recent days.

* In South America, Brazil had harvested 69% of the 2021/22 soybean crop as of Thursday, against 59% by the same time last year, agribusiness consultancy AgRural said on Monday.

* Fieldwork is virtually finished in the major grain-producing states of Mato Grosso and Mato Grosso do Sul, but overall harvesting advanced only 5 percentage points from last week because of rain in the state of Parana, slowing progress and leading farmers to complain about above-average grain humidity, it said.

* Argentina’s government will allow new soyoil and meal exports to be registered from Monday onwards after hiking the tax rate on the two products, its main source of foreign currency income.

* Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said.

MARKET NEWS

* U.S. stocks declined broadly while oil prices and Treasury yields pushed higher on Monday as investors refocused on risks from conflict in Ukraine and the U.S. Federal Reserve’s actions on inflation.

DATA/EVENTS (GMT) 1100 UK CBI Trends – Orders March (Reporting by Naveen Thukral; editing by Uttaresh.V)

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