IKAR in Mass Media

US MIDDAY: wheat jumps

30 августа 2018 года

US wheat futures rose nearly 4 percent Wednesday on technical buying and rumours that Russia might curb wheat exports, traders said. Soyabeans and corn followed wheat higher. As of 10:55 a.m. CDT (1555 GMT), Chicago Board of Trade December soft red winter wheat futures were up 20 cents at $5.43-1/4 per bushel. CBOT November soyabeans were up 5 cents at $8.38-1/4 a bushel and December corn was up 1 cent at $3.57-1/4 a bushel.

Wheat jumped on talk that Russia, the world's biggest wheat supplier, might curtail exports after a disappointing harvest this summer. Russia's agriculture ministry will meet grain exporters on Sept. 3 to discuss the market situation, two trade sources told Reuters. The US Department of Agriculture has projected Russia's 2018/19 wheat exports at 35 million tonnes.

"If wheat exports out of Russia are under 30 (million tonnes), that's something the market is going to sit up and take notice of," said Rich Feltes, vice president for research with R.J. O'Brien. Russian consultancy IKAR on Tuesday lowered its estimate of Russia's 2018 wheat harvest to 69.6 million tonnes from 70.8 million tonnes previously. The firm left its Russian wheat export estimate unchanged at 32.5 million tonnes.

Soyabean futures rose on a technical bounce after the benchmark November contract fell to $8.32, its lowest since setting a contract low of $8.26-1/4 on July 16. But prospects for a record-large US harvest hung over the market. The Pro Farmer advisory service last week projected the average US 2018 soyabean yield at 53.0 bushels per acre, a record high if realized.

Additional pressure stemmed from fears that African swine fever in China's hog herd could limit demand for soyameal. China's agriculture ministry said it cannot rule out the possibility of new outbreaks.

Source: Reuters | #grain | Comments: 0 Views: 66

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