Corn, wheat, soy traded sideways, set to post weekly gains
Chicago grain markets saw mixed activity as corn held steady, poised for a third weekly gain amid Brazil’s 36% drop in November exports. Soybeans slipped, despite recent gains, as U.S. farmers awaited higher prices. Wheat futures remained stable after gains, fueled by concerns over poor crop conditions in Russia and Australia, and better-than-expected yields in Argentina.
JAKARTA, Dec 6 (Reuters) – Chicago corn traded sideways on Friday, but was set to post a third weekly gain as Brazil reported that corn exports in November dropped by 36% from a year ago.
Soybeans slipped on Friday, after a session of gains, while U.S. farmers waited for higher prices to book sales. The contract is heading for a second weekly gain.
Wheat futures barely changed after three consecutive session of gains, amid concerns on deteriorating crop conditions in Australia and Russia, while set to post a weekly gain.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 1.5 cent at $9.92-1/4 a bushel, as of 0127 GMT. Wheat lost 0.04% to $5.58 a bushel and corn slipped 0.06% to $4.34-3/4 a bushel.
* Russian winter crops are in poor condition and will need to be partially replaced by spring crops, while the outlook for next year’s harvest remains difficult to predict, Deputy Prime Minister Dmitry Patrushev said on Thursday.
* Winter grains in top wheat exporter Russia are in the worst-ever condition, and Ukraine’s current shipping capabilities could soon come under threat, Reuters market analyst Karen Braun said.
* Argentina’s wheat crop could come in higher than previously expected, the Buenos Aires Grain Exchange said on Thursday, with farmers reporting better yields as the harvest is underway.
* Basis bids for soybeans remained mostly unchanged in the U.S. Midwest on Thursday as farmers waited for higher prices to book sales, brokers said.
* Exporters sold 136,000 metric tons of U.S. soybeans to top-importer China for 2024/25 delivery, the U.S. Department of Agriculture said.
* Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 111,405 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender.
* Brazil’s soybean exports dropped by 50% in November from a year ago, while its corn exports fell by 36%, government data showed.
* Canadian farmers reported producing more wheat and oats, and less canola and barley in 2024 than a year earlier, according to a farm survey by Statistics Canada released on Thursday.
* Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean, soymeal and soyoil futures contracts on Thursday, traders said.
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Source : LiveMint
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