Malaysian Palm Oil Council Russia's Post

GRAINS-Wheat recovers from near 3-month low on bargain-buying, soybeans ease

SINGAPORE, June 22 (Reuters) - Chicago wheat edged higher on Wednesday, as the market recovered from its weakest since late March hit in the previous session, although pressure from early harvest of crops in the United States and Europe limited gains.

Soybeans slid, while corn ticked up after both markets closed lower on Tuesday.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 0.6% to $9.81 a bushel, as of 0015 GMT, after dropping to its lowest since March 29 at $9.73-1/2 a bushel in the previous session.

Soybeans Sv1 lost 0.1% to $16.79-1/2 a bushel and corn Cv1 gained 0.4% at $7.63-1/2 a bushel.

Early wheat harvest in the United States and Europe weighed on the market, with additional pressure stemming from efforts to ship blocked grain cargoes in the Black Sea region.

Ankara's military delegation will travel to Russia this week to discuss details of a possible safe sea corridor in the Black Sea to export Ukrainian grain, Turkish presidency sources said on Tuesday.

Russia-focused agriculture consultancy Sovecon said on Tuesday that it had raised its forecast for Russia's 2022 wheat crop by 0.6 million tonnes to a record high of 89.2 million tonnes amid an improved outlook for the spring wheat harvest.

Crop ratings for U.S. corn and soybeans fell slightly after a heatwave hit the U.S. Midwest in the middle of June, analysts said on Tuesday.

The U.S. Department of Agriculture rated 70% of the corn crop as good-to-excellent in its weekly crop progress and conditions report, in line with the average estimates in a survey of 9 analysts. Ratings were down two percentage points from a week ago.

Soybean ratings also slipped two percentage points to 68%, while soybean planting advanced to 94% complete.

However, forecasts of cooler weather for late June and early July, a key crop development period in the U.S. Midwest, kept a lid on prices.

Brazilian farmers are expected to harvest a bigger second corn crop this season than forecast in the middle of a tour of the country's main fields, as drought fears subsided during the expedition.

According to data released on Tuesday by Agroconsult, the agribusiness consultancy that surveyed fields, Brazilian farmers are now expected to reap 89.3 million tonnes of second corn, more than the 87.6 million tonnes forecast in May.

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

MARKETS NEWS
Stocks on global indexes rose sharply on Tuesday, with major U.S. stock indexes each ending up more than 2% following a recent selloff, while the Japanese yen fell against the U.S. dollar to its lowest level since October 1998.
By: via Malaysian Palm Oil Council Russia