By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Might 11 (Reuters) – Chicago corn futures edged greater on Tuesday, consolidating after a steep pullback a day earlier, because the market turned its consideration to U.S. authorities forecasts for a gauge of tightening grain shares.
Some higher indicators for crops, with U.S. wheat scores bettering final week and rain set to succeed in some parched corn belts in Brazil, inspired traders to take a breather after a frenetic rally that took corn to an eight-year excessive on Friday.
Wheat additionally steadied after tumbling with corn on Monday, whereas soybeans ticked up to attract near Friday’s 8-1/2 yr peak as tight U.S. provides continued to underpin the oilseed market.
Probably the most-active corn contract on the Chicago Board of Commerce (CBOT) Cv1 was up 1.2% at $7.20-1/Four a bushel at 1226 GMT.
It had slid almost 3% on Monday, retreating from Friday’s excessive of $7.35-1/4, a stage not seen since March 2013.
Quickly progressing U.S. planting, helpful moisture within the U.S. Midwest and forecast showers in a portion of Brazil’s dry south all contributed to Monday’s pullback in corn.
Market members at the moment are expecting Wednesday’s World Agricultural Provide and Demand Estimates (WASDE), wherein the U.S. Division of Agriculture (USDA) will give its first world outlook for 2021/22.
“The market is especially nervous forward of the primary world USDA forecasts for 2021/22,” Commerzbank stated, including that Brazilian forecasting company Conab can even replace crop estimates on Wednesday.
Consultancy AgRural on Monday stated it had reduce its estimate for the nation’s second corn crop within the Middle South area owing to drought, including to expectations that Brazilian corn output can be under final yr’s.
The USDA stated after Monday’s market shut that U.S. farmers had planted 67% of their supposed corn acres as of Sunday, matching the common estimate in a Reuters ballot of analysts.
CBOT soybeans Sv1 had been up 0.6% at $15.96-3/Four a bushel after reaching their highest since October 2012 at $15.99-1/2 on Friday.
CBOT wheat Wv1 was up 1% at $7.38 a bushel.
The USDA rated 49% of the U.S. winter wheat crop in good-to-excellent situation, up 1 level from the earlier week. Analysts on common had anticipated no change.
Costs at 1226 GMT
Final
Change
Pct Transfer
Finish 2020
Ytd Pct Transfer
CBOT wheat Wv1
738.00
7.50
1.03
640.50
15.22
CBOT corn Cv1
720.25
8.50
1.19
484.00
48.81
CBOT soy Sv1
1596.75
9.25
0.58
1311.00
21.80
Paris wheat Sep BL2U1
226.50
3.00
1.34
192.50
17.66
Paris maize Jun EMAM1
258.00
1.25
0.49
198.75
29.81
Paris rape Aug COMQ1
532.50
0.50
0.09
393.00
35.50
WTI crude oil CLc1
64.13
-0.79
-1.22
48.52
32.17
Euro/dlr EUR=
1.22
0.00
0.33
1.2100
0.57
Most energetic contracts – Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Modifying by Subhranshu Sahu and David Goodman )
(([email protected]; +33 1 49 49 52 18; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.