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GRAINS-Chicago grains ease as Ukraine news, U.S. data watched

GRAINS-Chicago grains ease as Ukraine news, U.S. data watched

reuters.com · 06/09/2022 07:13
GRAINS-Chicago grains ease as Ukraine news, U.S. data watched

Market weighs mixed signals on talks over Ukraine sea corridor

Soybeans ease after rally, corn also lower

Market awaits USDA weekly export, monthly supply/demand data

Updates with European trading, adds PARIS to dateline

By Naveen Thukral and Gus Trompiz

- Chicago wheat fell on Thursday as traders monitored ongoing diplomatic discussions over sea access for Ukrainian grain shipments, while corn and soybeans eased ahead of a closely watched U.S. crop report.

Wider financial markets were also subdued as investors awaited the outcome of a European Central Bank meeting expected to herald its first interest rates in a decade. MKTS/GLOB

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1.9% at $10.54-3/4 a bushel by 1056 GMT.

The wheat market has been buffeted by varying statements from political leaders on a possible Black Sea corridor for Ukrainian shipments blocked since Russia's invasion.

Turkish efforts to negotiate safe passage for grain stuck in Ukrainian ports met resistance, as Ukraine said Russia was imposing unreasonable conditions and the Kremlin said free shipment depended on an end to sanctions. nL1N2XV0UI

"Ukraine's export access remains an issue but there seems to have been little progress," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.

Wheat markets have also been weighed down by improving weather for U.S. and European crops in the run-up to summer harvesting.

Grain traders were adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly world crop forecasts on Friday, which will give an update on U.S. prospects and a further assessment of the impact of the war in Ukraine. USDA/EST

Before that, the market will get an update on demand from weekly U.S. exports sales figures at 1230 GMT.

CBOT soybeans Sv1 were down 0.4% at $17.32-1/2 a bushel, after nearing on Wednesday a decade high hit in February.

CBOT corn Cv1 lost 0.7% to $7.59-1/4 a bushel following a one-week peak on Wednesday.

Firm U.S. cash markets, stronger crude oil prices and forecasts pointing to drier weather in the U.S. Midwest have supported soybeans and corn this week.

A sharp drop in palm oil futures on Thursday weighed on soyoil BOc1, a byproduct of soybeans. POI/



Prices at 1056 GMT







Last

Change

Pct Move

End 2021

Ytd Pct Move

CBOT wheat Wv1

1054.75

-20.00

-1.86

770.75

36.85

CBOT corn Cv1

759.25

-5.25

-0.69

593.25

27.98

CBOT soy Sv1

1732.50

-7.50

-0.43

1339.25

29.36

Paris wheat BL2c1

378.50

-3.25

-0.85

276.75

36.77

Paris maize EMAc1

328.75

-4.00

-1.20

226.00

45.46

Paris rape COMc1

770.25

-20.75

-2.62

754.00

2.16

WTI crude oil CLc1

121.86

-0.25

-0.20

75.21

62.03

Euro/dlr EUR=

1.07

0.00

0.05

1.1368

-5.71

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





(Reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Rashmi Aich and Aditya Soni)

((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))