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IKAR in Mass Media

Grains-corn, soy lower on easing weather threat; wheat holds firm

13 июля 2020 года

* Forecasts show Midwest hot, dry spell less severe than feared
* Corn, soy markets also weigh China tensions, await USDA report
* Wheat supported by doubts over European harvest

PARIS/SYDNEY, July 8 (Reuters) - U.S. corn and soybean futures fell further on Wednesday as concerns eased over adverse weather in the Midwest crop belt.

The markets were also curbed by renewed diplomatic tensions between Washington and Beijing, which tempered optimism over recent Chinese demand, as well as investor worries about rising coronavirus cases in parts of the world.

Wheat edged higher, supported by uncertainty over harvests across Europe following the latest production forecasts.

The most active soybean futures on the Chicago Board Of Trade were down 0.3% at $8.99-1/2 a bushel at 1147 GMT, after earlier reaching a one-week low.

CBOT corn was down 0.6% at $3.50-1/4 a bushel, after also touching a one-week low.

"The only thing holding prices up at the moment is the threat of adverse weather and that isn't happening," said Phin Ziebell, agribusiness economist, National Australia Bank.

Weather forecasts were still showing warm, mostly dry weather in the U.S. Midwest in the week ahead but with less intense heat than in some previous projections.

The U.S. Department of Agriculture's (USDA) crop ratings for corn and soybeans also remained relatively high, with 71% of both crops rated good/excellent.

Traders were starting to turn their attention to the USDA's monthly supply and demand forecasts due on Friday.

CBOT wheat was up 0.6% at $4.98-1/4 a bushel, although it continued face resistance around the $5 threshold. Euronext September wheat reached a one-month high of 186.50 euros ($210.52) a tonne.

On Tuesday, France's farm ministry forecast a near 21% drop in the French soft wheat harvest this year, while consultancies ProAgro and IKAR reduced their wheat harvest forecasts for Ukraine and Russia, respectively.

"The surplus that is forecast on the wheat market for 2020/21 should be taken with a pinch of salt," Commerzbank said.

Prices at 1147 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 498.25 3.00 0.61 558.75 -10.83 CBOT corn 350.25 -2.25 -0.64 387.75 -9.67 CBOT soy 899.50 -3.00 -0.33 955.50 -5.86 Paris wheat December 187.00 1.50 0.81 188.75 -0.93 Paris maize Aug 171.75 0.00 0.00 180.00 -4.58 Paris rape Aug 386.12 4.37 1.14 411.50 -6.17 WTI crude oil 40.64 0.02 0.05 61.06 -33.44 Euro/dlr 1.13 0.00 0.16 1.1210 0.70 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne ($1 = 0.8859 euros)

Source: Reuters  |  #grain   |  Comments: 0   Views: 11

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