By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, Sept 1 (Reuters) – Chicago wheat futures edged up on Wednesday after hitting a four-week low within the earlier session, as northern hemisphere harvests wound down and merchants assessed newest import demand.
Corn and soybeans prolonged losses from Tuesday in the meantime as broadly beneficial crop climate within the Midwest and concern over hurricane disruption to U.S. exports saved a lid on costs.
Essentially the most lively wheat contract on the Chicago Board of Commerce (CBOT) Wv1 was up 0.4% at $7.24-3/Four a bushel as of 1117 GMT.
On Tuesday, it had slipped to its lowest since Aug. 2 at $7.07 earlier than discovering chart help.
Wheat futures climbed to their highest in additional than eight years throughout August as deteriorating harvest prospects within the northern hemisphere unsettled the market.
“The basics of the northern hemisphere (crops) are typically identified,” consultancy Agritel stated in a word. “It’s primarily technical concerns which might be at the moment dominating.”
Sovecon stated on Tuesday it had reduce its forecast for Russia’s 2021 wheat crop to 75.Four million tonnes from 76.2 million, with the consultancy citing low spring wheat yields.
Statistics Canada on Monday estimated the nation’s drought-affected wheat crop would fall sharply from final yr, however its official projection was greater than the common from a Reuters ballot.
On the demand aspect, the wheat market has been weighing a sequence of tenders through which importers have proven indicators of spreading out purchases in response to excessive costs. GRA/TEND
CBOT corn Cv1 was down 0.8% at $5.30-1/Four a bushel and soybeans Sv1 0.5% decrease at $12.85-3/Four a bushel.
Hurricane Ida broken a grain export elevator owned by international 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.
Forecasts pointed to reasonable climate for Midwest corn and soy crops, together with rain in some dry northwestern zones, as consideration turns to harvesting that’s getting underneath method.
Costs at 1117 GMT
Final
Change
Pct Transfer
Finish 2020
Ytd Pct Transfer
CBOT wheat Wv1
724.75
2.50
0.35
640.50
13.15
CBOT corn Cv1
530.25
-4.00
-0.75
484.00
9.56
CBOT soy Sv1
1285.75
-6.75
-0.52
1311.00
-1.93
Paris wheat Dec BL2Z1
245.25
0.00
0.00
192.50
27.40
Paris maize Nov EMAc1
219.50
0.00
0.00
219.00
0.23
Paris rape Nov COMc1
567.25
0.00
0.00
418.25
35.62
WTI crude oil CLc1
68.56
0.06
0.09
48.52
41.30
Euro/dlr EUR=
1.18
0.00
0.09
1.2100
-2.33
Most lively 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; Enhancing by Subhranshu Sahu)
(([email protected]; +33 1 49 49 52 18; Reuters Messaging: [email protected]))
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