Wheat rises on global crop concern, soybeans and corn rise
Crop concerns in several regions support wheat
Dry Brazilian weather underpins soy, corn
U.S. harvest weather good this week
Recasts with European trade, adds new comment, changes dateline
By Michael Hogan
HAMBURG, Sept 23 (Reuters) -Chicago wheat rose again on Monday, with prices supported by concern about poor crop weather in several global regions after reports of smaller European crops.
Soybeans rose, underpinned by dry weather delaying planting in the world's biggest exporter Brazil, also supporting corn.
Chicago Board of Trade most-active wheat Wv1 rose 1.8% to $5.78-3/4 a bushel at 1106 GMT. Soybeans Sv1 rose 1.2% to $10.24-3/4 a bushel, corn Cv1 rose 1.3% to $4.07-1/4 a bushel.
European trade association Coceral on Friday cut its estimate of this year's grain crop in the European Union and Britain to 280.3 million metric tons from 296 million tons projected in June after poor weather.
“Wheat is seeing support today from poor crop weather in several regions following reports of poor harvests in Europe,” said Matt Ammermann, StoneX commodity risk manager. “Parts of the Black Sea region are too dry along with Australia, some of the U.S. Plains and Argentina.”
“But rises face resistance from cheap prices of Russian wheat offered in international markets at well under $220 a ton. Russian export prices have hardly changed recently but remain low.”
Brazilian farmers have planted just 0.5% of the projected 2024/25 soybean area in the country, below the 1.6% in the same period a year earlier. Dry and hot weather is holding back work in the fields, which usually begins after the first rains in September.
“Concern about dry weather in Brazil is supporting soybeans and corn, although soybeans would have the main nearby impact from lack of Brazilian rain,” Ammermann said.
“This is overriding forecasts of dry weather in the U.S. this week which is perhaps almost perfect for U.S. soybean and corn harvesting.”
“Overall, the grains sector is seeing some short-covering support after the U.S. interest rate cut last week.”
Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore; Editing by Rashmi Aich and Alexander Smith
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