Corn extends losses to third session; wheat drops to one-week low
SINGAPORE, Sept 9 (Reuters) -Chicago corn lost more ground on Monday, while soybeans edged higher with market participants taking positions ahead of U.S. supply-demand reports due later this week.
Wheat dropped to its weakest levels in one week amid ample Black Sea supplies, although lower output in Europe limited losses.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.1% at $4.05-3/4 a bushel, as of 0035 GMT, while soybeans Sv1 added 0.2% to $10.07-1/4 a bushel.
* Wheat fell 0.2% to $5.65-3/4 a bushel, having dropped earlier in the session to its weakest levels since Sept. 2 at $5.62 a bushel.
* Many traders are waiting for the U.S. Department of Agriculture to release its September crop estimates this week before making big moves.
* Some concerns surrounding dry weather in the U.S. Midwest encouraged short-covering in prices last week. Light rain is expected across chunks of the U.S. Midwest, according to a note from the Commodity Weather Group, but it may be too little too late to ensure the soybean crop has enough moisture to reach its yield potential.
* Brazilian soybean farmers could produce 14% more in the 2024/2025 season, compared with the previous one, a Reuters poll of 10 analysts and market institutions showed, as expectations of more rain in the last quarter of the year rise.
* Cheap wheat from Russia and increasing exports from Ukraine have maintained pressure on U.S. wheat futures.
* Still, wheat prices have been supported by poor harvests in Europe, mainly the largest producer France, which is set to yield the smallest volume in more than 40 years.
* Large speculators trimmed their net short position in Chicago Board of Trade corn futures in the week ended Sept. 3, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans.
MARKET NEWS
* MSCI's global equities gauge fell more than 1% on Friday and U.S. Treasury yields dropped as investors worried about the health of the economy after a mixed U.S. jobs report cemented expectations for the Federal Reserve to lower interest rates this month, but created uncertainty about the size of the cut. MKTS/GLOB
DATA/EVENTS (GMT)
0130 China PPI, CPI YY Aug
1900 US Federal Reserve issues Consumer Credit for July
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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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.
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