Wheat gains for sixth session on strong demand, French crop woes
Chicago wheat prices rose on Wednesday due to strong demand and a significant Egyptian wheat tender for 3.8 million metric tons. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $5.44-1/2 per bushel. Corn and soybeans fell, with corn down 0.7% to $4.02-1/2 per bushel and soybeans down 0.8% to $10.18-1/4 per bushel. This decline was driven by expectations of a bumper U.S. harvest and weak global oilseed demand.
Egyptian tender for record purchases supports Chicago wheat
Corn, soybeans fall on expectations of bumper U.S. output
Updates prices
SINGAPORE, Aug 7 (Reuters) -Chicago wheat gained more ground on Wednesday, with the market underpinned by strong demand and downgrades of the French crop, although ample world supplies limited the upside in prices.
Corn and soybeans slid with expectations of near-record U.S. output.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.2% at $5.44-1/2 a bushel, as of 0312 GMT. Corn Cv1 gave up 0.7% to $4.02-1/2 a bushel and soybeans Sv1 lost 0.8% to $10.18-1/4 a bushel.
Egypt’s state grains buyer, the General Authority for Supply Commodities, announced on Tuesday a massive tender for 3.8 million metric tons of wheat to cover imports between October 2024 and April 2025, its largest according to traders.
On the supply front, this year’s soft wheat crop in France, the European Union’s biggest producer, is expected to shrink to its lowest level in 41 years at 25.17 million metric tons after heavy rain slashed both the crop area and yields, Argus Media said on Tuesday.
Expectations of a bumper U.S. harvest added pressure on corn futures and dismal global oilseed demand capped soybean prices.
Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Tuesday, traders said. Funds were net buyers of CBOT wheat futures, they said. COMFUND/CBT
Source Link : https://www.xm.com/research/markets/allNews/reuters/wheat-gains-for-sixth-session-on-strong-demand-french-crop-woes-53899857
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