Malaysian Palm Oil Council Russia's Post

GRAINS-Corn, wheat ease after rally; European, U.S. weather in focus

SINGAPORE, Aug 11 (Reuters) - Chicago corn and wheat futures retreated on Thursday from previous session's strong gains, triggered by trader concerns over hot and dry weather conditions in key exporting countries.
Soybeans were largely flat.

FUNDAMENTALS
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.3% at $6.16-1/2 a bushel, as of 0024 GMT, and wheat Wv1 fell 0.5% to $7.96 a bushel.

Soybeans Sv1 slid 0.2% to $14.25-1/4 a bushel.

Parts of the U.S. Midwest received rain in recent days, but heat in the western regions of the farm belt is expected to continue stressing crops.

In Europe, persisting drought and high temperatures are threatening to deepen corn crop losses. Romania finished reaping its wheat crop for the year, and the harvest is 15% to 18% smaller than in 2021, Agriculture Minister Petre Daea said.

Investors in the agricultural markets are adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly supply-and-demand report on Friday.

The government is expected to trim its outlook for U.S. corn production, according to a Reuters survey of analysts.

Ukraine's grain, oilseed, vegetable oil exports rose 22.7% in July to 2.66 million tonnes versus June numbers, due to higher wheat and barley shipments, the agriculture ministry said on Wednesday.

Ukraine's grain exports have slumped since the start of the war because its Black Sea ports - a key route for shipments - were closed off, driving up global food prices and prompting fears of shortages in Africa and the Middle East.

July's exports included 412,000 tonnes of wheat, 183,000 tonnes of barley, 1.1 million tonnes of corn, 362,100 tonnes of sunseed and tonnages of other commodities, the ministry said.

However, the ministry said Ukrainian grain exports were down almost 52% year-on-year at 2.2 million tonnes so far in the 2022/23 season.

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

MARKET NEWS
Wall Street equities rallied and the dollar tumbled after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected.
By: via Malaysian Palm Oil Council Russia