By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, Oct 26 (Reuters) – Chicago wheat futures fell slightly on Tuesday after hitting a two-month high in the previous session on the back of strong demand and tightening world supplies.
Soybeans and corn edged lower.
The most-active wheat contract on the Chicago Board Of Trade (CBOT) Wv1 eased 0.6% at $7.55-1/4 a bushel by 1027 GMT, having closed 0.5% higher on Monday when prices hit a more than two-month high of $7.67 a bushel.
Technical analysis showed a break below $7.56-1/4 could cause a fall into the range of $7.45-1/2 to $7.49-1/2. This was not necessarily a bearish reversal pattern, but could signal a temporary balance between bullish and bearish forces.
Soybean futures Sv1 fell 0.1% to $12.36 a bushel and corn Cv1 lost 0.2% to $5.36-3/4 a bushel.
In its first condition ratings for the 2022 winter wheat crop, the U.S. Department of Agriculture (USDA) rated 46% of the crop in good-to-excellent condition, up from 41% a year earlier, but behind analysts’ expectations of 54%. Estimates had ranged from 49% to 62% good-to-excellent.
Russian wheat export prices gained last week after a brief pause on the back of a stronger rouble currency and higher global prices for the grain, analysts said on Monday.
The U.S. soybean harvest was 73% complete, as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 70%, but behind the average estimate in a Reuters analyst poll.
Analysts surveyed by Reuters, on average, had expected soybean harvest progress to reach 74%.
The U.S. corn crop was 66% harvested, the USDA said, ahead of the five-year average of 53% and analysts’ estimates of 65%.
The European Union’s crop monitoring service on Monday raised its yield forecasts slightly for ongoing maize and sugar beet harvests, while pointing to good progress in winter grain sowing.
Commodity funds were net buyers of CBOT soybeans, wheat, soyoil and soymeal futures contracts on Monday, and net even on CBOT corn and soymeal futures contracts, traders said. COMFUND/CBT
Prices at 1027 GMT
Last
Change
Pct Move
CBOT wheat Wv1
755,25
-4,25
-0,56
CBOT corn Cv1
536,75
-1,25
-0,23
CBOT soy Sv1
1236,00
-1,25
-0,10
Paris wheat Dec BL2Z1
280,50
-1,50
-0,53
Paris maize Nov EMAc1
246,00
-1,25
-0,51
Paris rape Nov COMc1
676,75
-8,25
-1,20
WTI crude oil CLc1
83,40
-0,36
-0,43
Euro/dlr EUR=
1,16
0,00
0,09
Most active contracts – Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Shounak Dasgupta)
(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))
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