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GRAINS-Wheat drops to one-month low on slowing demand, corn falls

25 апреля 2023 года

SINGAPORE, April 25 (Reuters) - Chicago wheat futures lost more ground on Tuesday, with prices dropping to a one-month low on pressure from lacklustre global demand, although deteriorating condition of the U.S. winter crop kept a floor under the market.

Corn edged lower as China cancelled some purchases of U.S. supplies, while soybeans eased.


* The most-active wheat contract on the Chicago Board of Trade (CBOT) slid 0.2% to $6.55-3/4 a bushel, as of 0013 GMT, after hitting its lowest since March 22 at $6.54 a bushel.

* Corn Cv1 fell 0.1% to $6.07 a bushel and soybeans Sv1 gave up 0.1% to $14.35-1/4 a bushel.

* Export prices of Russian wheat continued to decline last week as low demand outweighed the impact on the market of uncertainty over whether the Black Sea grain deal will be extended, analysts said.

* Prices for Russian wheat with 12.5% protein content, delivered free on board (FOB) from Black Sea ports, were $265 a tonne, down $6 from last week, the IKAR agriculture consultancy said.

* The U.S. Department of Agriculture on Monday rated 26% of U.S. winter wheat in good to excellent condition, the lowest for this time of year since 1989, due to prolonged drought.

* The wheat ratings, which reflected dry and windy conditions in key portions of the Plains wheat belt, were down 1 percentage point from a week ago and matched the average expectation among 11 analysts polled by Reuters.

* The head of the Russian Grain Union said on Monday the Black Sea grain deal to facilitate Ukrainian agricultural exports had not yielded anything positive for Russia or helped facilitate supplies to theglobal market

* In the corn market, pressure stemmed from China's cancellation of some U.S. cargoes.

* Private exporters reported that Chinese buyers cancelled purchases totalling 327,000 tonnes of corn, the U.S. Department of Agriculture (USDA) said on Monday morning.

* In a separate report the USDA said that weekly corn export inspections totalled 913,813 tonnes. That was down from 1.237 million tonnes a week earlier.

* A union of Argentine transporters started an indefinite strike on Monday, threatening to hit shipments at the Rosario agro-port hub by forcing exporters to rely on dwindling grain reserves at the terminals, according to local bodies.

* Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Monday, traders said. COMFUND/CBT


* Wall Street shuffled to a mixed close on Monday, with interest rate-sensitive momentum shares weighing on the Nasdaq and U.S. Treasury yields dipping as investors braced for a week of high-profile quarterly earnings and closely watched economic data. MKTS/GLOB


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Source: Reuters  |  #grain   |  Comments: 0   Views: 10

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