Edition:
United Kingdom

Naveen Thukral

GRAINS-U.S. wheat ticks up, but supply pressure keeps prices near 2-month low

3:09am GMT

* Wheat recovers after two days of deep losses push prices to 2-month low

GRAINS-Chicago wheat edges up from steep losses, ample supplies cap gains

01 Dec 2020

* Wheat firms after dropping more than 3% on Monday * Australian forecast of 10% more output to keep lid on prices (Updates prices, adds details) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, Dec 1 Chicago wheat futures edged higher on Tuesday on bargain buying following the previous session's deep losses, although forecasts of a near record Australian crop and higher Russian exports curbed gains. Corn and soybeans also rose after closing lower on Monday. Australian farmers are forecast to harvest more than 30 million tonnes of wheat this season, after the country's production estimate was raised by nearly 10% due to favourable rainfalls. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said wheat production during the 2020/21 season would total 31.17 million tonnes, up from a September estimate of 28.91 million tonnes and not far off an all-time high of 31.8 million tonnes in 2016/17. "(The) Australian crop keeps getting bigger and ABARES needs to add another 2 million tonnes to their estimate," said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. "In (the) last big crop year, ABARES increased total winter crop by 4 million tonnes from December to February update." The most-active wheat contract on the Chicago Board Of Trade (CBOT) added 0.6% to $5.88-1/4 a bushel by 1208 GMT, after falling more than 3% on Monday. Corn rose 0.6% to $4.28-1/2 a bushel and soybeans gained 0.6% to $11.75-1/2 a bushel. Wheat fell on Monday after Russia's Agriculture Ministry said the country may increase the size of its grain export quota planned for Feb. 15 to June 30 to 17.5 million tonnes, from 15 million tonnes. Sovecon agriculture consultancy said on Monday it expected Russia to harvest 79.2-82.8 million tonnes of wheat in 2021, compared with 85.3 million tonnes in 2020. Egypt's main state wheat buyer set an international wheat purchase tender on Monday after CBOT close, its second within a week. Offers presented on Tuesday were for Russian, Ukrainian and Romanian wheat. Large speculators raised their net long position in CBOT corn futures in the week to Nov. 24, data released on Monday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans. U.S. soybean crushings in October likely reached a record-high 5.899 million short tons, or 196.6 million bushels, according to the average forecast of nine analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report. The USDA is scheduled to release its monthly fats and oils report later in the day. Prices at 1208 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 588.25 3.25 0.56 558.75 5.28 CBOT corn 428.50 2.50 0.59 387.75 10.51 CBOT soy 1175.50 7.00 0.60 955.50 23.02 Paris wheat Dec 210.75 0.50 0.24 188.25 11.95 Paris maize Nov 193.50 0.00 0.00 174.75 10.73 Paris rape Nov 409.50 0.75 0.18 391.50 4.60 WTI crude oil 45.29 -0.05 -0.11 61.06 -25.83 Euro/dlr 1.20 0.00 0.30 1.1210 6.73 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips, Rashmi Aich and Emelia Sithole-Matarise)

GRAINS-Chicago wheat edges higher from steep losses, ample supplies cap gains

01 Dec 2020

* Wheat firms after dropping on Monday 3.5% to nearly 3-week low

GRAINS-Soybeans set for biggest monthly rise in 4 years, corn hits 16-month high

30 Nov 2020

* Dry weather in Brazil, Argentina drives soybeans, corn higher

Chinese buyers look to cancel U.S. soybean orders as processing margins shrink

25 Nov 2020

SINGAPORE/BEIJING Some Chinese soybean importers and processors are looking to cancel deals signed for U.S. cargoes for December and January shipment, after crushing margins collapsed following a steep rally in Chicago futures, three trade sources said.

GRAINS-Wheat gains for 4th session, at near 3-week top on U.S. crop worries

25 Nov 2020

* Wheat hits highest since Nov. 5 as U.S. winter crop deteriorates

GRAINS-Soybeans near 4-1/2 year high of $12/bushel on supply concerns, strong demand

23 Nov 2020

* Corn climbs to 16-month high on strong demand (Adds chart on U.S. soybean futures forward cover, updates prices)

GRAINS-Soybeans near 4-1/2 year high of $12/bushel on supply concerns, strong demand

23 Nov 2020

* Corn climbs to 16-month high on strong demand (Adds quote in paragraph 3, details on CFTC positions)

GRAINS-Soybeans at four-year high as demand and weather keep market bubbling

20 Nov 2020

* Soybeans at highest since June 2016, up 12% this month * Strong Chinese demand and dry South American weather support * Corn hits highest since July 2019, wheat steady (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 20 Chicago soybeans rose for a sixth consecutive session on Friday to a four-year high as robust Chinese demand and a dry start to the South American growing season fuelled expectations of dwindling U.S. supplies. Corn rose to another one-year peak, similarly buoyed by brisk exports and weather risks in other exporting countries. The most active soybean contract on the Chicago Board Of Trade (CBOT) was up 1% at $11.89-3/4 a bushel by 1053 GMT, having touched the latest in a series of multi-year highs at $11.92-3/4. The contract has gained more than 12% this month. "There is a scarcity concern in the market this year," said Rabobank commodity analyst Michael Magdovitz. "We're getting into the period when there is a higher moisture requirement for the Brazilian crop and when there is not so much U.S. crop left to be sold." While some rain has reached Brazilian and Argentine grain belts, more moisture was seen as needed to complete soybean and corn planting and boost crop development. Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry. Recent dryness in Brazil has also raised doubts over how large a crop the world's biggest soybean exporter can harvest in the coming months. "There are increasing supply concerns and feed demand is really strong as China is rebuilding its pig herd," said Phin Ziebell, an agribusiness economist at National Australia Bank. Weekly U.S. Department of Agriculture (USDA) export data on Thursday showed soybean and corn export sales above trade expectations. CBOT corn was up 1.2% at $4.32-1/2 after earlier touching its highest since July 2019 at $4.33-1/4. Wheat added 0.4% to $6.01-1/4. The arrival of a bumper Australian crop and moisture for parched U.S. wheat crops have curbed wheat prices, though brisk demand was underpinning the market, analysts said. Prices at 1053 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 601.25 2.50 0.42 558.75 7.61 CBOT corn 432.50 5.25 1.23 387.75 11.54 CBOT soy 1189.25 11.75 1.00 955.50 24.46 Paris wheat Dec 210.75 0.25 0.12 188.75 11.66 Paris maize Jan 193.25 0.50 0.26 179.00 7.96 Paris rape Feb 416.00 1.50 0.36 391.75 6.19 WTI crude oil 42.01 0.27 0.65 61.06 -31.20 Euro/dlr 1.19 0.00 -0.16 1.1210 5.74 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Sherry Jacob-Phillips and David Goodman )

GRAINS-Soybeans set for 3rd weekly gain on dry weather, Chinese demand

20 Nov 2020

* Strong Chinese demand, dry weather in South America support (Adds quote in paragraph 3; details on Argentine weather, fund positioning)

World News