SINGAPORE, April 14 (Reuters) – Chicago wheat futures gained for a second session on Wednesday, with costs underpinned by considerations about dry soils limiting U.S. and European manufacturing prospects.
Soybeans gained extra floor, whereas corn was little modified.
FUNDAMENTALS
* Probably the most-active wheat contract on the Chicago Board of Commerce (CBOT) Wv1 added 0.6% to $6.33-1/four a bushel by 0114 GMT.
* Soybeans Sv1 added 0.1% to $13.91-1/four a bushel, whereas corn Cv1 was unchanged at $5.80 a bushel.
* Specialists are predicting a dry spell in coming weeks within the European continent. The water deficit is already in place on U.S. spring wheat areas within the north of the nation, French consultancy Agritel stated in a notice.
* That is more likely to help wheat costs, which have been underpinned by a rally in corn futures.
* Sturdy demand from China is supporting feed grain costs.
* China’s imports of soybeans, in addition to grains like corn and wheat, soared within the first quarter, boosted by sturdy demand from the livestock sector, information from customs confirmed on Tuesday.
* Soybean imports nearly doubled in March alone year-on-year, in accordance with customs information, as cargoes of beans from prime exporter Brazil cleared customs after delays. In the meantime first-quarter corn and wheat shipments jumped on elevated home corn costs amid a provide scarcity, the information confirmed.
* Brazilian manufacturing of ethanol from corn rose 58% within the newly-passed yr as dozens of just lately constructed crops within the nation’s grain heartland ramped up manufacturing, and analysts see an annual improve of round 25% within the new season.
* The U.S. soybean processing tempo jumped in March following a smaller-than-expected crush the prior month, propelled partially by sturdy demand for vegetable oils to make biofuel, in accordance with analysts polled forward of a Nationwide Oilseed Processors Affiliation (NOPA) report due Thursday.
* NOPA members, which deal with about 95% of all soybeans processed in the US, had been estimated to have crushed 179.179 million bushels of soybeans in March, in accordance with the common of estimates from 11 analysts.
* Commodity funds had been web patrons of CBOT corn, soybean, wheat and soyoil futures contracts and web sellers of CBOT soymeal on Tuesday, merchants stated. COMFUND/CBT
MARKET NEWS
* A gauge of world fairness markets rose to report highs on Tuesday, led by surging technology-related shares, as Treasury bond yields eased after U.S. shopper value information for March confirmed the tempo of inflation was not rising wildly. MKTS/GLOB
DATA/EVENTS (GMT)
0630 India WPI Inflation YY March
1800 US Federal Reserve points the Beige E-book
of financial situation
(Reporting by Naveen Thukral)
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