Wheat pauses after rally as Black Sea supply risks assessed
Updates at 1205 GMT, changes dateline
PARIS/CANBERRA, Oct 3 (Reuters) -Chicago wheat futures edged down on Thursday after this week's surge to a 3-1/2-month high as traders monitored drought in the Black Sea region and signs of possible Russian export caps.
Corn futures held near a three-month peak, underpinned by supply risks in wheat and strength in crude oil against a backdrop of military escalation in the Middle East. O/R
Soybeans eased as weather forecasts predicted rain in top producer Brazil, where dry conditions have slowed planting.
The most active wheat contract on the Chicago Board of Trade Wv1 was down 0.5% at $6.12 a bushel by 1205 GMT after touching $6.17-1/4 on Wednesday for the highest level since mid-June.
Prices are up about 5.5% so far this week.
"Wheat reached some technical resistance levels and some farmers are selling, so we may see a pause," one European trader said. "There was an accumulation of bullish news, with the dryness in Russia becoming dramatic."
In Russia, Oryol became the latest region to declare a state of emergency on Wednesday because of poor sowing weather.
Little rain is forecast in Russian winter wheat zones as farmers try to progress with planting, though other parts of the Black Sea region, such as Ukraine and Romania, have received more significant rainfall.
The Black Sea region has had 20% of its average rainfall and hot temperatures in the second half of summer. More dry weather could severely reduce winter sowing rates and next year's production potential, said Vitor Pistoia, a Rabobank analyst in Sydney.
Dry weather combined with frosts have dented harvest prospects in Australia, wiping more than a million metric tons off analyst production forecasts.
Russia's grain exporters' union, meanwhile, said that recent export volumes were excessive and called for a quota mechanism to limit shipments.
Ukrainian officials said that a Russian drone attack damaged a grain facility near the Danube, underscoring war risks to trade.
CBOT corn Cv1 was down 0.5% at $4.30-1/4 a bushel, having hit $4.34-1/4 in the previous session for its highest since late June. Soybeans Sv1 slipped 1% to $10.45 a bushel.
Prices at 1205 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 612.00 | -3.25 | -0.53 |
CBOT corn Cv1 | 430.25 | -2.25 | -0.52 |
CBOT soy Sv1 | 1045.50 | -10.50 | -0.99 |
Paris wheat BL2Z4 | 232.25 | -1.50 | -0.64 |
Paris maize EMAc1 | 215.75 | -0.50 | -0.23 |
Paris rapeseed COMc1 | 471.75 | -5.50 | -1.15 |
WTI crude oil CLc1 | 71.24 | 1.14 | 1.63 |
Euro/dlr EUR= | 1.10 | 0.00 | -0.03 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra
Editing by Alan Barona, Sumana Nandy and David Goodman
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.
