GRAINS-Soybeans rally falters as market awaits USDA data
GRAINS-Soybeans rally falters as market awaits USDA data
Updates with European trading, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, June 10 (Reuters) - Chicago soybean futures edged lower on Friday after nearing an all-time high during an export-fuelled rally, with traders awaiting U.S. government crop forecasts for further direction.
Corn eased from a two-week top reached the previous session, while wheat ticked lower before the U.S. Department of Agriculture's (USDA) monthly world crop forecasts due at 1600 GMT. nL1N2XT2FO
Wider financial markets were also subdued as investors awaited U.S. consumer price data, the latest gauge of inflation pressures that have prompted interest rate rises. MKTS/GLOB
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.6% at $17.59-1/4 a bushel by 1014 GMT.
On Thursday, the contract reached its highest since September 2012, as it approached an all-time high of $17.89.
"The U.S. continues to see strong export sales of soybeans, bolstering old-crop prices," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
The USDA on Thursday said weekly old-crop soybean export sales totalled 429,900 tonnes, up 41% from the average of the prior four weeks.
The agency separately announced a spot export sale of 143,000 tonnes of U.S. soybeans, mostly for shipment in 2022/23. nFWN2XW0PS
Brisk export demand has bolstered expectations that the USDA will lower its outlook for U.S. soybean stocks in Friday's supply and demand report.
A drier turn to weather forecasts for parts of the U.S. Midwest have also lent support to soybeans and corn markets by raising early risks about the development of this year's crop.
CBOT corn Cv1 was down 0.7% at $7.67-1/2 a bushel, after reaching its highest since May 24 a day earlier.
CBOT wheat Wv1 was down 0.3% at $10.68-1/4 a bushel but held above Thursday's near one-week low.
Wheat prices have faced pressure from improving weather for U.S. and European crops as winter wheat harvesting gets under way in southern U.S. growing belts.
The market has also been reacting to diplomatic negotiations to allow grain shipments from Ukraine's Black Sea ports, with the outcome uncertain as fighting rages between Russian and Ukrainian forces in eastern Ukraine. nL4N2XX0ID
Prices at 1014 GMT | |||||
Last | Change | Pct Move | End 2021 | Ytd Pct Move | |
CBOT wheat Wv1 | 1068.25 | -3.00 | -0.28 | 770.75 | 38.60 |
CBOT corn Cv1 | 767.50 | -5.50 | -0.71 | 593.25 | 29.37 |
CBOT soy Sv1 | 1759.25 | -9.75 | -0.55 | 1339.25 | 31.36 |
Paris wheat BL2c1 | 385.25 | -1.00 | -0.26 | 276.75 | 39.21 |
Paris maize EMAc1 | 331.25 | -1.75 | -0.53 | 226.00 | 46.57 |
Paris rape COMc1 | 770.25 | -10.00 | -1.28 | 754.00 | 2.16 |
WTI crude oil CLc1 | 122.12 | 0.61 | 0.50 | 75.21 | 62.37 |
Euro/dlr EUR= | 1.06 | 0.00 | -0.13 | 1.1368 | -6.76 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||||
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips and Emelia Sithole-Matarise)
((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))