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GRAINS-Soybeans ease, South American supply worry limits decline

reuters.com · 12/29/2021 07:01
GRAINS-Soybeans ease, South American supply worry limits decline

Soybeans tick lower, Brazilian supply concerns limit decline

Wheat little changed after Tuesday's deep losses; corn flat

Recasts, updates prices

By Naveen Thukral and Sybille de La Hamaide

- Chicago soybean futures edged lower on Wednesday, though concern adverse weather will curb production in top exporter Brazil kept prices close to their highest since late July.

Corn was around flat and wheat fell slightly after a more than 2% fall in the previous session.

The Chicago Board of Trade (CBOT) most-active soybean contract Sv1 slid 0.2% to $13.64-3/4 a bushel, as of 1130 GMT.

Wheat Wv1 was also down 0.2% at $7.81-1/4 a bushel while corn Cv1 was unchanged at $6.04-3/4 per bushel.

Soybean and corn crop harvests are expected to be smaller in southern Brazil this season as fields suffer from dryness, weather forecasters and consultancies said. nS0N2S9026

However, parts of central and southeastern Brazil may get "limited relief" from rain later this week, Commodity Weather Group said on Tuesday.

An "active rain pattern" in northern Brazil could help crop growth, but signs of "excess rain" and flooding concerns are emerging in northeastern areas, the company said.

The U.S. soybean crush in November likely totalled 5.753 million short tonnes, or 191.7 million bushels, the average forecast of 10 analysts surveyed by Reuters found ahead of a monthly U.S. Department of Agriculture (USDA) report. nL1N2TD14U

Crush estimates ranged from 189.9 million bushels to 195.7 million bushels, with a median of 191.5 million bushels.

Egypt's General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers for shipment from Feb. 15 to March 3. nS8N2T605T

The lowest offer presented at the tender was $331.86 per tonne for 60,000 tonnes of French wheat on a free-on-board (FOB) basis by Viterra, traders said. nL1N2TE0GL

Commodity funds were net sellers of CBOT corn, soybeans, soyoil and wheat futures contracts on Tuesday, and net buyers of soymeal futures, traders said. COMFUND/CBT

CBOT wheat Wv1

781,75

-1,75

-0,22

640,50

22,05

CBOT corn Cv1

604,75

0,00

0,00

484,00

24,95

CBOT soy Sv1

1364,75

-3,25

-0,24

1311,00

4,10

Paris wheat March BL2c1

280,75

0,25

0,09

188,75

48,74

Paris maize Jan EMAc1

238,00

-3,00

-1,24

168,50

41,25

Paris rape Feb COMc1

768,00

-1,00

-0,13

411,50

86,63

WTI crude oil CLc1

75,58

-0,40

-0,53

48,52

55,77

Euro/dlr EUR=

1,13

0,00

-0,09

1,2213

-7,48

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne


(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Barbara Lewis)

((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))