By Naveen Thukral
SINGAPORE, Aug 12 (Reuters) – Chicago wheat futures fell on Thursday as merchants squared positions forward of a extensively watched U.S. agricultural report anticipated to point out a tightening in world provides.
“U.S. provide/demand report is vital for worth path and we expect a revision in manufacturing outlook,” a Singapore-based dealer at a global buying and selling firm mentioned.
Essentially the most lively wheat contract on the Chicago Board of Commerce Wv1 fell 0.4% to $7.24 a bushel by 0322 GMT, after closing little modified within the earlier session.
The U.S. Division of Agriculture is about to subject an replace on international grain provides and demand in a month-to-month report afterward Thursday.
Soybeans Sv1 had been down 0.7% at $13.30-3/Four a bushel and corn Cv1 misplaced 0.5% to $5.56-1/2 a bushel.
Two main agriculture consultancies in Russia, the world’s largest wheat exporter, minimize their estimates for the nation’s 2021 wheat crop as a consequence of dry, scorching climate.
The USDA, in a every day reporting system, mentioned exporters bought 132,000 tonnes of U.S. soybeans for supply to China through the 2021/2022 advertising and marketing yr. It was the second consecutive day the company confirmed U.S. soy gross sales to China, the world’s largest importer of the oilseed.
Commodity funds had been internet patrons of CBOT corn, soyoil and soybean futures contracts on Wednesday and internet sellers of wheat and soymeal futures, merchants mentioned.
(Reporting by Naveen Thukral; Modifying by Ramakrishnan M.)
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