Wheat falls; Russian export curbs limit losses
Wheat prices fell 0.3% on the Chicago Board of Trade, pressured by large harvests from Argentina and Australia, although Russian export curbs offered some support. Soybeans dropped on forecasts of record Brazilian production, while corn eased. U.S. export sales were stable, with stronger soybean demand. Commodity funds were net buyers of corn and soyoil but net sellers of other grains.
SINGAPORE, Dec 2 (Reuters) -Chicago wheat slid for a third session on Monday with pressure from freshly harvested crops in the southern hemisphere, although the downside was reduced by Russian export curbs.
Soybeans fell on expectations of record Brazilian output, while corn eased, giving up some of last session’s gains.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.3% to $5.46-1/2 a bushel, as of 0116 GMT. Soybeans Sv1 lost 0.1% to $9.88-1/2 a bushel and corn Cv1 gave up 0.2% to $4.32 a bushel.
* Wheat exporters in the southern hemisphere, Australia and Argentina are expected harvest large crops this season.
* However, Russia, the world’s largest wheat exporter, cut its 2025 export quota by two-thirds, hiked wheat-export duties and abandoned import quotas for some staple foods on Friday as the government moved to curb inflation.
* The country’s export quotas for the second part of the export season from Feb. 15 to June 30, 2025, will be 11 million metric tons, down from 29 million tons in the same period this year.
* Soft wheat sowing in France has moved ahead of the average pace of recent years, data from farm office FranceAgriMer showed on Friday, as drier weather this month helped farmers catch up on rain delays earlier in the autumn.
* Soybeans are being weighed down by early forecasts of an all-time high crop in Brazil, the world’s biggest exporter of the oilseed.
* Brazil’s 2024/2025 soybean crop was seen at a record 172.2 million tons, consultancy firm Agroconsult said on Thursday, surpassing the current historic high of 162.4 million tons set in 2022/23. The output would also be up 10.7% from the previous cycle, when yields were hit by an adverse weather.
* The U.S. Department of Agriculture reported weekly 2024-25 U.S. wheat and corn export sales that were in line with trade expectations. But weekly U.S. soybean export sales were above trade estimates, USDA data showed, with strong demand for U.S. soyoil, soymeal and soybeans.
* Commodity funds were net buyers of CBOT corn and soyoil futures contracts on Friday, traders said. Funds were net sellers of soybean, wheat and soymeal futures contracts. COMFUND/CBT
MARKET NEWS
* The dollar started in a cautious mood on Monday in what is shaping up to be a critical week for the prospect of U.S. rate cuts, while the yen’s recent rebound was underpinned by wagers on rising rates at home. USD/
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