Malaysian Palm Oil Council Russia's Post

GRAINS-U.S. wheat firms as uncertainty over Black Sea exports linger

BEIJING, June 2 (Reuters) - U.S. wheat futures recouped losses to edge higher on Thursday, after a sharp decline in the previous session as the market gauged the impact of diplomatic talks to unblock Ukrainian ports; while corn and soybeans ticked lower.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.43% at $10.45-3/4 a bushel.

Corn Cv1 shed 0.41% to $7.28-1/4 a bushel while soybeans Sv1 fell 0.44% at $16.83 a bushel.

Talks of Russia opening Black Sea shipping channels to Ukrainian grain vessels have pressured wheat prices this week, although the market remains nervous about the possibility on increased grains exports from the region.

Ukraine's 2022 wheat harvest is likely to drop to 19.2 million tonnes, Ukrainian grain traders' union UGA said on Wednesday, though lower exports are seen pushing stocks to record levels.

U.S. President Joe Biden's administration is likely to retroactively raise ethanol blending mandates for 2021 above the figure it proposed in December, Reuters reported, citing sources.

Egypt's state grains buyer, the General Authority for Supply Commodities, said on Wednesday it bought 465,000 tonnes of wheat in an international tender.

Argentina's grain industry sold $4.2 billion in May, the best month since monthly records started, the Argentine Chamber of the Oil Industry and the Grain Exporters Center said in a report on Wednesday.

Commodity funds were net buyers of Chicago Board of Trade soybeans and soyoil futures contracts on Tuesday and net sellers of corn, wheat and soymeal futures contracts, traders said.

MARKET NEWS
Global equities fell and the U.S. dollar advanced on Wednesday after stronger-than-expected economic data was unable to assuage investor concerns of high inflation and an impending recession driven partly by rising oil prices.
By: via Malaysian Palm Oil Council Russia