Chicago grains steady with weather and exports in focus
Updates at 1035 GMT, adds PARIS to dateline
PARIS/CANBERRA, Sept 20 (Reuters) -Chicago wheat, corn and soybean futures edged up on Friday as the crop markets monitored weather forecasts in major production zones while assessing mixed export indicators, analysts said.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.8% at $5.70-1/4 a bushel by 1035 GMT, recovering from a one-week low in the previous session.
Wheat has been pressured this week by fresh signs of competitive Black Sea exports, as well as forecast rain in the central United States that could ease dryness as farmers plant winter wheat.
Lower than anticipated weekly U.S. wheat export sales reported on Thursday reinforced the focus on Black Sea competition. EXP/WHE
Wheat futures had rallied last week on concerns about escalation in Russia's war with Ukraine and adverse weather in the two countries, but immediate supply fears have eased.
"There isn't concern about getting access to wheat. We don't expect any significant price rally in the coming days," said Andrew Whitelaw at agricultural consultancy Episode 3 in Canberra.
CBOT corn Cv1 was up 0.1% at $4.06 a bushel and soybeans Sv1 climbed 0.3% to $10.15-3/4 a bushel.
Soybean prices drew some support from weekly U.S. export sales that came in above trade expectations, compared with corn sales in line with market estimates. EXP/SOY
"Soybeans are managing better thanks to stronger exports and fears of the dry weather in Brazil," Argus analysts said in a note.
Drought in Brazil is raising early worries about the planting campaign in the world's top exporter, though rain forecast around the end of September in central Brazil could bring some timely relief.
Traders are also watching to see if expected rain in the United States that may help wheat planting while hamper early corn and soybean harvesting.
Prices at 1035 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 570.25 | 4.75 | 0.84 |
CBOT corn Cv1 | 406.00 | 0.25 | 0.06 |
CBOT soy Sv1 | 1015.75 | 2.50 | 0.25 |
Paris wheat BL2Z4 | 215.75 | 0.00 | 0.00 |
Paris maize EMAc1 | 202.00 | 1.50 | 0.75 |
Paris rapeseed COMc1 | 467.75 | 3.50 | 0.75 |
WTI crude oil CLc1 | 71.47 | -0.48 | -0.67 |
Euro/dlr EUR= | 1.12 | 0.00 | -0.02 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Mrigank Dhaniwala, Sumana Nandy and David Evans
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