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GRAINS-Soybeans ease as Brazilian harvest kicks off, wheat firms

GRAINS-Soybeans ease as Brazilian harvest kicks off, wheat firms

reuters.com · 12/29/2021 20:25
GRAINS-Soybeans ease as Brazilian harvest kicks off, wheat firms

- Chicago soybean futures ticked lower on Thursday as harvest of a record crop started in top exporter Brazil despite concerns over recent dryness hitting yields.

Wheat gained more ground, while corn was almost flat.


FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active soybean contract Sv1 slid 0.2% to $13.66-1/2 a bushel, as of 0112 GMT.

* Wheat Wv1 gained 0.4% to $7.90-1/2 a bushel and corn Cv1 was largely unchanged at $6.05-1/4 per bushel.

* Soybean growers in Brazil's top producer Mato Grosso state began harvesting fields, farmers told Reuters, marking an early start to a record-setting season with potential output above 140 million tonnes. nL1N2TE0KT

* Dryness in parts of the country had supported prices earlier this week, but weather forecasts are calling for improved chances of rains.

* Wheat futures ticked up on a flurry of activity on the export market, and news of U.S.-Russia security talks amid Ukraine tensions, traders said. nL1N2TD04E

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


MARKET NEWS

* Asian share markets got off to a listless start on Thursday as the spread of Omicron clouded what is the last trading day of the year for many exchanges around the globe, while oil was close to finishing 2021 with gains of more than 50%. MKTS/GLOB


DATA/EVENTS

1330 US Initial Jobless Clm Weekly


(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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