(Recasts; updates costs, provides quotes, modifications byline, modifications
dateline from earlier PARIS/SINGAPORE)
By Julie Ingwersen
CHICAGO, Aug 13 (Reuters) – U.S. wheat futures climbed to
eight-year highs on Friday and European wheat futures prolonged
features, led by recent contract highs in Paris, after steep cuts to
world provide in a U.S. authorities report fuelled concern about
dwindling availability in main export zones, analysts stated.
Soybean futures rose on fears of tightening world vegetable
oil provides, however corn futures turned combined, paring features after
early advances.
As of 1:02 p.m. CDT (1802 GMT), Chicago Board of Commerce
September wheat was up 15-1/Four cents at $7.68-3/Four per
bushel, after reaching $7.74-3/4, the very best worth on a
steady chart of the most-active wheat contract since
February 2013.
CBOT November soybeans had been up 23 cents at $13.64 a
bushel, whereas benchmark December soyoil was up 1.69
cents, or 2.7%, at 63.27 cents per pound. December corn
was up 1/Four cent at $5.73-1/2 a bushel.
Wheat prolonged advances a day after the U.S. Division of
Agriculture slashed its forecast of world 2021-22 wheat
manufacturing and ending shares, citing poor climate in Russia,
Canada and the US.
Hostile climate has additionally lower crop prospects within the European
Union, contributing to a doubtlessly “explosive” world provide
outlook for the cereals, analyst agency Strategie Grains stated on
Thursday.
“There are a variety of worries in regards to the French wheat harvest
perhaps pushing again barley shipments and wheat shipments, so
we have got Paris wheat most likely main the U.S. markets increased,”
stated Terry Reilly, senior analyst with Futures Worldwide in
Chicago.
Soybean futures drew assist from a pick-up in U.S. soybean
export gross sales in addition to rising costs for vegetable
oils together with Malaysian palm oil and Canadian canola. The USDA
on Thursday lower its estimate of Canada’s canola crop to 16
million tonnes, down 4.2 million from its earlier estimate.
“Persons are beginning to suppose that perhaps the U.S. will not get
as many canola oil imports as anticipated … The worldwide vegetable
oil market dictates that issues would possibly get just a little tighter going
ahead,” Reilly stated.
CBOT corn pared features and dipped decrease at instances on
profit-taking at week’s finish. The market was underpinned by
provide worries after the USDA on Thursday lower its estimate of
U.S. corn manufacturing greater than most analysts anticipated.
Merchants had been digesting acreage information launched late Thursday
by the USDA’s Farm Service Company that prompt, some analysts
stated, that USDA would possibly ultimately want to lift its official
estimate of U.S. corn plantings.
(Extra reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Modifying by Amy Caren Daniel and David
Evans)
(([email protected]; 1-313-484-5283; Reuters
Messaging: [email protected]))
Key phrases: GLOBAL GRAINS/ (UPDATE 2, PIX)
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.