Wheat steadies after dropping nearly 3% as Black Sea supply fears ease
CANBERRA, Sept 17 (Reuters) -Chicago wheat futures steadied on Tuesday after an easing of fears over supply from the Black Sea region triggered profit-taking in the previous session that pulled prices from near three-month highs.
Corn and soybean futures edged lower as the United States ramps up what are expected to be bumper harvests, cementing expectations of plentiful supply.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.3% at $5.80 a bushel, as of 0121 GMT, while CBOT corn Cv1 edged 0.1% lower to $4.10-1/2 a bushel and soybeans Sv1 dipped 0.1% to $10.04 a bushel.
* Ample supply drove all three contracts to four-year lows in recent weeks but prices have recovered a little ground.
* Wheat reached $5.99 on Friday, its highest since June 19, driven by crop losses in Europe, a weak U.S. dollar USD= and a missile attack on a grain vessel in the Black Sea that Ukraine blamed on Russia.
* But the absence of further escalation between Kyiv and Moscow and confirmation that large amounts of wheat continue to flow from Russian and Ukrainian ports have tempered concerns.
* Prices fell 2.7% on Monday, but are still around 10% higher than three weeks ago.
* Dry weather persists in parts of the southern regions of Russia and Ukraine, complicating planting of winter wheat.
* But the U.S. Department of Agriculture (USDA) last week raised its estimate for global wheat-ending stocks, limiting price gains, analysts said.
* And Statistics Canada said on Monday that Canadian wheat production would be 4.1% higher in 2024 than in 2023, at 34.3 million metric tons.
* In other crops, the USDA said the U.S. corn harvest was 9% complete by Sunday and the soybean harvest was 6% complete, both 3 percentage points ahead of their five-year averages.
* The USDA rated 65% of the U.S. corn crop as "good-to-excellent", up 1 percentage point from a week ago and above analysts' estimates, and 64% of the soybean crop as "good-to-excellent", down 1 percentage point from last week and matching expectations.
* The condition ratings are the highest for this time of year since 2018, underscoring expectations for large harvests.
* The U.S. soybean crush dropped below all trade estimates in August to the lowest point for a single month in nearly three years, National Oilseed Processors Association data released on Monday showed.
* Commodity funds were net sellers of CBOT wheat futures and net buyers of corn and soybeans, traders said.
MARKETS REPORTS
* Tech stocks dragged on U.S. indexes and the dollar touched a more than one-year low against the yen on Monday as all eyes looked to a Federal Reserve meeting later this week that is expected to usher in a hotly anticipated easing cycle. MKTS/GLOB
Reporting by Peter Hobson; 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.
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.
