Malaysian Palm Oil Council Russia's Post

GRAINS-Wheat prices ease after rally, tight supplies limit losses

SINGAPORE, April 27 (Reuters) - Chicago wheat futures ticked lower on Wednesday after climbing more than 2% in the previous session, although concerns over tightening world supplies limited losses.
Corn prices eased, while soybean edged higher.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.5% to $10.89-1/2 a bushel, as of 0017 GMT. Corn Cv1 gave up 0.2% to $8.00-1/4 a bushel, while soybeans Sv1 added 0.1% to $16.72-3/4 a bushel.

Global supplies of key crop staples will remain tight for at least two years after harvest shortfalls in some countries and shipping disruptions triggered by Russia's invasion of Ukraine, Archer-Daniels-Midland Co ADM.N said on Tuesday.

Demand will likely outpace supplies until at least 2024, resulting in high crop prices that will draw grain stocks out of storage and encourage South American farmers to plant more, the grains merchant said after posting a better-than-expected quarterly profit.

Soybean futures are facing pressure after Brazil's Anec raised its outlook for the country's export forecast for the oilseed. Losses were kept in check by signs that the United States remains competitive for deals with top buyer China.

Private exporters reported the sale of 132,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year, the U.S. Department of Agriculture (USDA) said on Tuesday morning.

The USDA on Monday afternoon rated 27% of U.S. winter wheat in good-to-excellent condition, down 3 percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt.

The USDA said that corn planting was 7% complete as of April 24, below the average analyst estimate of 9% and the five-year average of 15%

Indonesia will ban exports of RBD palm olein from midnight on April 28 until prices of bulk cooking oil drop to 14,000 rupiah ($0.9715) per litre, a senior minister said on Tuesday, while a document showed it was prepared to widen the ban if there are shortages.

Commodity funds were net buyers of CBOT wheat, soyoil, corn and soybean futures contracts on Tuesday, traders said. They were net sellers of CBOT soymeal, traders said.

MARKET NEWS
U.S. shares tumbled on Tuesday, with the Nasdaq posting its steepest one-day rout since September 2020, while European stocks extended losses for a third session as investors warily awaited U.S. tech earnings and fretted over global growth.
By: via Malaysian Palm Oil Council Russia