Soybeans, corn rise on US dryness; wheat firms
SINGAPORE, July 19 (Reuters) – Chicago soybean and corn futures gained more ground on Wednesday, with forecasts of dry weather in the U.S. Midwest supporting prices.
Wheat rose for a second session as Russian air strikes damaged infrastructure at the Black Sea port of Odesa, a day after Moscow quit the export deal that facilitated Ukraine crop shipments.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.4% to $14.01-1/4 a bushel, as of 0052 GMT, and corn gained 1.3% at $5.41-1/4 a bushel.
* Wheat rose 0.5% to $6.74-1/4 a bushel.
* The market is worried about the potential for warmer, drier weather to trim yields in late July and in August, which are critical months for soybean and corn development.
* Russia launched air attacks on Odesa for a second night in row but the key port will not be intimidated and will continue its work to export grains, Ukrainian officials said early on Wednesday.
* Brazil is poised to export a record 18.3 million metric tons of soybeans, soymeal, corn and wheat in July, revised data from exporters association Anec showed on Tuesday, even though soybean shipment projections fell from last week.
* The previous record for July was set in 2020 for the four commodities, when 14.8 million metric tons were exported, Anec said.
* Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday, and net sellers of soyoil futures, traders said.
MARKET NEWS
* The dollar rebounded off a 15-month low and global stock markets rose on Tuesday, as upbeat earnings on Wall Street and retail sales pointing to a resilient U.S. economy sealed expectations that the Federal Reserve will hike interest rates next week.
DATA/EVENTS (GMT, June) 0600 UK Core CPI YY 0600 UK CPI YY 0900 EU HICP Final MM, YY 1230 US Housing Starts Number (Reporting by Naveen Thukral; Editing by Rashmi Aich)
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