Soybeans, corn firm ahead of USDA data; wheat slips
On September 12, Chicago soybeans and corn rose slightly ahead of USDA crop reports, with soybeans up 0.2% to $10.02-1/2 per bushel and corn up 0.19% to $4.05-1/2. Wheat futures eased 0.13% to $5.78-1/2 due to easing supply pressures. Forecasts for Russia’s wheat crop were reduced to 82.2 million tons.
On September 12, Chicago soybeans and corn rose slightly ahead of USDA crop reports, with soybeans up 0.2% to $10.02-1/2 per bushel and corn up 0.19% to $4.05-1/2. Wheat futures eased 0.13% to $5.78-1/2 due to easing supply pressures. Forecasts for Russia’s wheat crop were reduced to 82.2 million tons.
BEIJING, Sept 12 (Reuters) -Chicago soybeans and corn ticked up onThursday as traders adjusted positions ahead of key monthly crop reports from the U.S. Department of Agriculture (USDA).
Wheat futures eased, after hitting a one-week high in the previous session amid signs of easing supply pressure from the Black Sea export region.
The most-active soybeans contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2%at $10.02-1/2 a bushel, as of 0407 GMT, and corn Cv1 also edged 0.19% higher to $4.05-1/2 a bushel.
The wheat contract on the Chicago Board of Trade (CBOT) Wv1 eased 0.13% to$5.78.1/2 a bushel.
The northern hemisphere wheat harvest pressure is easing and the market is refocusing on tight supplies in the EU and a smaller Russian crop than we’ve seen the last few years, Bergman Grains Wires said in a note.
Consultancy IKAR lowered its forecast for Russia’s wheat crop to 82.2 million metric tons from 83.8 million tons, citing adverse weather.
Ahead of USDA reports later in the day, analysts surveyed by Reuters expect the government to leave its U.S. 2024 soybean yield forecast unchanged and slightly trim its corn yield estimate.
Argentine farmers are seen opting for more soy this season as corn planting has been hit by dry weather and fears of disease carried by the leafhopper insect, the Rosario grains exchange said on Wednesday.
The weather in Brazil, the world’s largest soybeans producer, will not likely normalize until October for soy planting, the local head of commodities trader Cargill said on Wednesday, signalling the likelihood of more dry conditions this month.
Brazil asked the European Union not to implement regulations in its deforestation law at the end of the year as scheduled and asked for it to be revised to avoid hurting Brazilian exports.
Energy production and agricultural exports out of the U.S. Gulf of Mexico were partially disrupted ahead of Hurricane Francine’s landfall later in the day, tying up shipments of fuel, soybean and grains, according to official and operator reports.
Commodity funds were net buyers of Chicago Board of Trade soymeal, soybean and wheat futures contracts on Wednesday and net sellers of corn and soyoil futures, traders said .
Source Link : https://www.xm.com/research/markets/allNews/reuters/soybeans-corn-firm-ahead-of-usda-data-wheat-slips-53923852
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