Malaysian Palm Oil Council Russia's Post

GRAINS-Chicago futures firm on global supply, U.S. weather concerns
 
April 12 (Reuters) - U.S. grains futures rose in early Asian trade on Tuesday, with corn trading near a five-week high and wheat hovering near a two-week peak, supported by concerns over the Russia-Ukraine conflict that continues to disrupt Black Sea shipments.

FUNDAMENTALS
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.5% at $7.68 a bushel, as of 0111 GMT, near a five-week high hit in the previous session.
 
CBOT soybeans Sv1 climbed 0.4% to $16.61-1/2 a bushel.
 
CBOT wheat Wv1 was up 0.2% at $10.91-1/2 a bushel, near Monday's two-week high of $10.96-7/8.
 
The U.S. Department of Agriculture on Monday rated 32% of U.S. winter wheat in good to excellent condition, up two percentage points from a week ago and above an average of analyst expectations.
 
Still, the USDA's latest ratings for winter wheat crop are among the poorest on record for this time of year as drought persisted in the Plains wheat belt.
 
Bumper harvests and overflowing grain bins will help India to meet wheat import needs of the world's top buyers, a top government official said.
 
The USDA confirmed private sales of 680,000 tonnes of U.S. corn to China for shipment in the 2021/22 marketing year and 340,000 tonnes for shipment in 2022/23.
 
Corn, being the main U.S. feed stock for ethanol fuel, sometimes follows crude oil
 
Oil futures rose on Tuesday as the potential for more sanctions on Russia's energy sector weighed on sentiment along with an OPEC warning that it would be impossible to increase output enough to offset lost supply.

MARKET NEWS
Global stock markets fell on Monday, pulled lower by technology shares in Europe and on Wall Street, as U.S. Treasury yields jumped ahead of inflation data that could prompt the Federal Reserve to tighten policy enough to slow a rebounding economy.
By: via Malaysian Palm Oil Council Russia