Supply fears hold wheat near 3-month highs
CANBERRA, Sept 16 (Reuters) -Chicago wheat futures dipped from three-month highs on Monday but were supported by concerns over crop production in Europe and escalating tensions between Russia and Ukraine that could impact exports.
Corn and soybean futures also fell as the United States geared up for large harvests of both crops.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.3% at $5.93 a bushel by 0026 GMT after touching $5.99 on Friday, the highest since June 19.
* CBOT corn Cv1 slipped 0.7% to $4.10-1/2 a bushel and soybeans Sv1 fell 0.3% to $10.03 a bushel.
* Wheat prices have risen by around 13% in the last three weeks, helped in part by a weak dollar that has made U.S. farm goods cheaper for overseas buyers. FRX/ USD=
* Moscow declined to comment after Ukraine last week accused it of striking a grain vessel with a missile.
* Russia is the world's top wheat exporter and Ukraine is a major supplier. The ship attack added to doubts about Black Sea supply after adverse weather hit crops in the region.
* Strategie Grains and the U.S. Department of Agriculture again cut their forecasts for European Union soft wheat production after too-heavy rains hit some cropping regions.
* "Europe's crop could still see another 4-6 million metric tons in reductions going forward – some would say more – while the size and quality of the Russian crop could also see more downward revisions," StoneX analyst Arlan Suderman wrote in a note.
* However, the USDA also raised its estimate for global wheat ending stocks, limiting price gains, analysts said.
* In other crops, the USDA raised its forecast for U.S. corn production and yields and trimmed its projection for soybean production.
* However, the U.S. soybean crop is still expected to be the largest ever and its corn harvest the second biggest.
* The monthly U.S. soybean crush likely fell by more than 6% in August as processors idled plants for seasonal maintenance and repairs, analysts said ahead of a National Oilseed Processors Association (NOPA) report due on Monday.
* Speculators last week reduced short positions in CBOT corn, soybean and wheat futures but are still bearish on all three.
MARKETS NEWS
* Asian stocks made a cautious start in a week that is almost certain to see the start of an easing cycle in the United States, with investors debating the size of the cut. MKTS/GLOB
Reporting by Peter Hobson; Editing by Rashmi Aich
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
