Malaysian Palm Oil Council Russia's Post

GRAINS-U.S. wheat extends gains amid tightening global supplies

BEIJING, May 19 (Reuters) - U.S. wheat rose on Thursday, extending gains after India unexpectedly banned exports of wheat and as Russia-Ukraine war kept underpinning global grains markets.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1% at $12.43-1/2 a bushel.

CBOT wheat had climbed more than 8% over the past two days following India's wheat ban and reports showing bad condition of U.S. winter crop.

CBOT soybeans Sv1 edged up 0.75% to $16.74 bushel, extending gains into a seventh session, while corn Cv1 rose 0.45% to $7.85 a bushel.

India said on Tuesday it will allow overseas wheat shipments awaiting customs clearance, introducing some leeway for overseas sales after it banned exports of the staple on Saturday.

U.N. chief was expected to publicly disclose on Wednesday that he is in talks with Russia, Ukraine, Turkey, the United States and the European Union aimed at restoring Ukraine grain shipments and reviving fertilizer exports from Russia and Belarus, U.N. officials said.

Russia was seen to export more wheat in the new marketing season due to a large harvest and stockpile, the IKAR consultancy said on Wednesday.

Brazil's second corn crop was expected to reach 87.6 million tonnes in the 2021/2022 cycle, down from a previous 92.2 million-tonne forecast, estimate from agribusiness consultancy Agroconsult showed on Wednesday.

China has removed restrictions on imports of Canadian canola seed that were put in place three years ago, Canadian officials said on Wednesday.

MARKETS NEWS
Asian stocks eked out their fourth session of gains, but the recent rally lost momentum as nagging doubts about inflation and the drag from rate rises overshadowed bits and pieces of good news about the global growth outlook.
By: via Malaysian Palm Oil Council Russia