By Naveen Thukral
SINGAPORE, Sept 1 (Reuters) – Chicago wheat futures slid for a fourth consecutive session on Wednesday, weighed down by worries over demand for agricultural merchandise following a current rally in costs.
Corn and soybeans have been little modified.
“Costs have gone up lots and now we’re seeing the impression on demand,” stated one Singapore-based dealer. “Consumers are reluctant to lock offers at present worth ranges.”
Probably the most-active wheat contract on the Chicago Board of Commerce (CBOT) Wv1 fell 0.2% to $7.21 a bushel, as of 0351 GMT. In August, wheat futures climbed to their highest in additional than eight years.
Corn Cv1 was unchanged at $5.34-1/four a bushel and soybeans Sv1 misplaced 0.1% to $12.91-1/four a bushel.
Hurricane Ida broken a grain export elevator owned by world grain dealer Cargill Inc CARG.UL and rival shipper CHS Inc CHSCP.O warned on Monday its grain facility could lack energy for weeks after the storm tore by means of the busiest U.S. grains port.
The U.S. Division of Agriculture rated 60% of the U.S. corn crop in good-to-excellent situation in its weekly crop progress report on Monday, unchanged from the earlier week, whereas analysts surveyed by Reuters on common had anticipated a 1-point decline.
Russian agriculture consultancy Sovecon stated on Tuesday it had minimize its forecast for Russia’s 2021 wheat crop to 75.four million tonnes from 76.2 million tonnes due to low spring wheat yields.
Commodity funds have been web sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Tuesday, merchants stated. COMFUND/CBT
(Reporting by Naveen Thukral; Enhancing by Subhranshu Sahu)
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