SINGAPORE, June 30 (Reuters) – Chicago soybean futures edged greater on Wednesday, as merchants adjusted positions forward of a U.S. authorities report on inventory and acreage, whereas corn costs eased.
Wheat futures ticked greater though expectations of sturdy output in Russia, the world’s largest exporter, capped positive aspects.
FUNDAMENTALS
* Essentially the most-active soybean contract on the Chicago Board of Commerce (CBOT) Sv1 was up 0.2% at $13.15-1/Four a bushel by 0012 GMT.
* Wheat Wv1 added 0.1% to $6.46-3/Four a bushel and corn Cv1 misplaced 0.4% to $5.46-1/2 a bushel.
* The U.S. Division of Agriculture (USDA) on Wednesday is predicted to extend its estimate for corn plantings by about 3% from March, based on a Reuters ballot of analysts. Soybean plantings are seen up 1.5% from March.
* Nonetheless, fears stay in regards to the danger from scorching and dry climate when grain shares are slim.
* Analysts anticipate the USDA on Wednesday to report that corn and soybean inventories on June 1 had been down 17% and 43%, respectively, from a yr earlier.
* The USDA, in a weekly report on Monday, rated 64% of the U.S. corn crop in good-to-excellent situation, down 1 proportion level from the prior week and beneath analysts’ expectations. Simply 20% of spring wheat was rated good-to-excellent, beneath every week earlier and analysts’ expectations.
* Russian agriculture consultancy IKAR mentioned on Tuesday it had raised its 2021 forecast for wheat manufacturing to 83.6 million tonnes from 82 million tonnes.
* It additionally mentioned it sees Russia’s exports of wheat at 39 million tonnes this yr.
* Comfortable wheat exports from the European Union within the 2020/21 season that began final July had reached 25.38 million tonnes by June 27, knowledge printed by the European Fee confirmed on Tuesday.
* That was down from 34.64 million tonnes cleared by the identical week final season, the info confirmed.
MARKET NEWS
* World shares edged decrease, as new coronavirus outbreaks in Asia vied with sturdy U.S. and European client confidence, and buyers speculated about whether or not the Federal Reserve would speed up its timetable to finish simple financial coverage. MKTS/GLOB
DATA/EVENTS (GMT)
0100 China NBS Manufacturing PMI June
0600 UK GDP QQ, YY Q1
0645 France CPI (EU Norm) Prelim YY June
0755 Germany Unemployment Chg, Price SA June
0900 EU HICP Flash YY June
0900 EU HICP-X F&E Flash YY June
(Reporting by Naveen Thukral, Modifying by Sherry Jacob-Phillips)
(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.