Wheat pauses after rebound, corn and soybeans edge up
Updates at 1201 GMT, changes dateline
PARIS/CANBERRA, Oct 18 (Reuters) -Chicago wheat inched down on Friday after rebounding from a three-week low earlier this week as traders sought clarity on Russian export policy and assessed the impact of rain in dry Russian and U.S. wheat belts.
Corn and soybean futures eked out gains as they recovered from multi-week lows, with signs of renewed export demand helping counter pressure from a brisk U.S. harvest and improving planting weather in South America.
The most-active wheat contract on the Chicago Board of Trade Wv1 was down 0.3% at $5.87-3/4 a bushel by 1201 GMT.
CBOT soybeans Sv1 rose 0.4% to $9.92-3/4 a bushel and corn Cv1 added 0.4% to $4.08-1/4 a bushel.
Soybeans and corn hit seven- and five-week lows, respectively, on Thursday.
Rising prices in Russia and Ukraine, along with Russian government efforts to regulate exports, including through a proposed price floor, have lent weight to the view that supply pressure from Black Sea harvests is subsiding.
"Wheat has found a floor," said Ole Houe, director of advisory services at IKON Commodities in Sydney.
However, strength in wheat has been tempered by a dollar rally and uncertainty over how Russian intervention may affect exports.
The return of rain to parched wheat zones in the southern Russia and the central United States have also tempered planting concerns, though drought was still seen as an ongoing risk in those regions.
In corn, a run of demand from Mexico, including the biggest daily U.S. export sale in a year, as announced on Wednesday, shifted attention away from the U.S. harvest.
"The rapid advance of the autumn harvest in the United States remains the main bearish element," Argus analysts said in a note. "However, the current good demand for US grains allows the market to maintain a certain firmness."
Grain markets will get a further indication of export demand from weekly U.S. export sales figures later on Friday.
Prices at 1201 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 587.75 | -1.75 | -0.30 |
CBOT corn Cv1 | 408.25 | 1.50 | 0.37 |
CBOT soy Sv1 | 992.75 | 4.00 | 0.40 |
Paris wheat BL2Z4 | 229.25 | -1.00 | -0.43 |
Paris maize EMAc1 | 212.25 | 0.00 | 0.00 |
Paris rapeseed COMc1 | 502.50 | 6.50 | 1.31 |
WTI crude oil CLc1 | 70.48 | -0.19 | -0.27 |
Euro/dlr EUR= | 1.08 | 0.00 | 0.17 |
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, Savio D'Souza and David Evans
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