Wheat holds near 3-1/2-month high on supply concerns
Adds analyst comment, updates prices
CANBERRA, Oct 2 (Reuters) -Chicago wheat futures rose again on Wednesday and were close to 3-1/2-month highs reached in the previous session on concerns that dry weather in the Black Sea region and Australia will reduce supply.
Corn prices also gained and were near three-month highs, supported by wheat's rally and a sharp rise in oil prices after an Iranian missile attack on Israel. Higher oil prices can raise demand for biofuel made from feedstock including corn.
Soybean futures inched higher.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.1% at $5.99-1/2 a bushel at 0556 GMT, after touching $6.03 on Tuesday - the highest since June 16.
CBOT corn Cv1 rose 0.4% to $4.30-1/2 a bushel after hitting $4.33, its highest since June 27, on Tuesday, while soybeans Sv1 climbed 0.3% to $10.60-1/4 a bushel.
All three contracts haverecovered some ground after touching four-year lows in recent months amid plentiful supply.
"Dry conditions across the Black Sea and Russia have impacted Russian wheat planting. We've also seen additional short-covering through September," said Rod Baker at Australian Crop Forecasters in Perth.
Global supply would start to tighten, supporting prices, he added.
Russia's Voronezh, a major farming area in the world's top wheat exporting nation, declared a drought emergency on Tuesday, underscoring parched conditions.
Russian wheat export prices rose last week, even as the pace of shipments picked up.
Traders are also speculatingthat Russia couldrestrict exports in the coming months, StoneX analyst Arlan Suderman said.
Meanwhile, analysts downgraded expectations for Australia's upcoming harvest by well over a million tons due to lack of rainfall and widespread frost.
Dry weather is also affecting crops in Ukraine, whose exports fell last month, and Argentina, while too-wet conditions in Western Europe depressed EU wheat exports.
Brent crude oil LCOc1 rose 2.5% on Tuesday and another 1.7% on Wednesday as Israel and the U.S. promised to retaliate against Iran, fanning fears of a wider war.
In other crops, the U.S. ismid-way through what are expected to be huge harvests of corn and soybeans. StoneX raised its estimates for yields and production of both.
Reporting by Peter Hobson; Editing by Rashmi Aich and Sumana Nandy
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.
