* Wheat recovers after two days of deep losses push prices
* Wheat firms after dropping more than 3% on Monday
* Australian forecast of 10% more output to keep lid on
(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
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
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
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
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)
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
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)
* Wheat firms after dropping on Monday 3.5% to nearly 3-week
* Dry weather in Brazil, Argentina drives soybeans, corn
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.
* Wheat hits highest since Nov. 5 as U.S. winter crop
* Corn climbs to 16-month high on strong demand
(Adds chart on U.S. soybean futures forward cover, updates
* Corn climbs to 16-month high on strong demand
(Adds quote in paragraph 3, details on CFTC positions)
* 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
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
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,
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
* Strong Chinese demand, dry weather in South America
(Adds quote in paragraph 3; details on Argentine weather, fund