Wheat climbs 3% in rally from one-month lows; soy, corn sag
Recasts; updates prices, adds quotes, changes byline, changes dateline from previous PARIS/SINGAPORE
By Julie Ingwersen
CHICAGO, June 11 (Reuters) -U.S. wheat futures rallied on Tuesday after a nine-session slide, with the benchmark Chicago Board of Trade (CBOT) July WN24 wheat contract lifted by bargain buying and renewed worries about crops in top global exporter Russia, brokers said.
CBOT soybean and corn futures declined as market players awaited fresh direction from monthly crop supply/demand reports due on Wednesday from the U.S. Department of Agriculture.
As of 12:58 p.m. CDT (1758 GMT), CBOT July wheat WN24 was up 18-1/2 cents at $6.26 per bushel, bouncing after a dip to $6.05-1/2, the contract's lowest since May 3. Technical traders noted chart support at the contract's 100-day moving average near $6.04.
CBOT July soybeans SN24 were down 9 cents at $11.79-1/4 a bushel and July corn CN24 was down 1-1/4 cents at $4.50-1/2 a bushel.
Wheat jumped after the head of Russia's grain union said frosts in Russia have affected between 15% and 30% of winter grains, varying by region, a much higher figure than suggested by the agriculture ministry.
Benchmark CBOT wheat had fallen more than $1 a bushel since May 28, pressured by the start of the Northern Hemisphere winter wheat harvest and a temporary ban on imports by major buyer Turkey.
Some saw the market as over-sold and due for a bounce, especially given the news about Russian frost damage and a surprise drop in U.S. winter and spring wheat condition ratings.
"The recent sharp fall in wheat prices was partly attributed to the rapid progress of the harvest in the USA," Commerzbank said in a note. "However, it is still too early to draw conclusions about the ongoing harvest."
Fresh export business lent support. Top buyer Egypt booked 460,000 metric tons of Black Sea-origin wheat in an international tender.
CBOT soybean futures declined but held above a one-month low set earlier this week, and corn futures were choppy as traders awaited the USDA's monthly reports on Wednesday. Analysts surveyed by Reuters on average expect the USDA to raise its forecasts of U.S. 2023/24 and 2024/25 soybean ending stocks, and lower its forecasts for corn inventories.
Meanwhile, the U.S. corn and soybean crops are off to a strong start. The USDA late Monday rated 74% of the U.S. corn crop in "good-to-excellent" condition, down a point from last week but still the highest for this time of year since 2020.
Soybeans were rated 72% "good-to-excellent" in the USDA's first ratings of 2024 for the oilseed, in line with trade expectations.
Reporting by Julie Ingwersen; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore;
Editing by Tomasz Janowski
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.
