GRAINS-Wheat falls as China cancels more US cargoes; corn under pressure
SINGAPORE, March 12 (Reuters) – Chicago wheat futures slid on Tuesday, with the market facing pressure from leading importer China cancelling more U.S. cargoes amid plentiful world supplies.
Corn lost ground, while soybeans ticked higher, with both markets likely to face headwinds from expectations of near-record South American production.
“Wheat prices are likely to fall further when you look at production prospects across the northern hemisphere,” said one Sydney-based analyst. “Supplies are going to rise.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 slid 0.1% to $5.46-1/2 a bushel, as of 0316 GMT. Corn Cv1 fell 0.2% to $4.40-3/4 a bushel, while soybeans Sv1 added 0.3% to $11.82-1/4 a bushel.
Falling Russian wheat export prices and high supply in theglobal marketare reducing demand for U.S. wheat.
Private exporters cancelled sales of 264,000 metric tons of U.S. soft red winter wheat that had been booked for delivery to China, the U.S. Department of Agriculture (USDA) confirmed on Monday.
It was the third cancellation in as many business days and the largest of the three, following two cancellations last week totalling 240,000 tons of soft red wheat sold to China.
“Wheat prices are likely to fall further when you look at production prospects across the northern hemisphere,” said one Sydney-based analyst. “Supplies are going to rise.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 slid 0.1% to $5.46-1/2 a bushel, as of 0316 GMT. Corn Cv1 fell 0.2% to $4.40-3/4 a bushel, while soybeans Sv1 added 0.3% to $11.82-1/4 a bushel.
Falling Russian wheat export prices and high supply in theglobal marketare reducing demand for U.S. wheat.
Private exporters cancelled sales of 264,000 metric tons of U.S. soft red winter wheat that had been booked for delivery to China, the U.S. Department of Agriculture (USDA) confirmed on Monday.
It was the third cancellation in as many business days and the largest of the three, following two cancellations last week totalling 240,000 tons of soft red wheat sold to China.
Source link: https://www.nasdaq.com/articles/grains-wheat-falls-as-china-cancels-more-us-cargoes-corn-under-pressure
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