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GRAINS-Soybeans, corn rise as U.S. crop faces heat; wheat also higher

GRAINS-Soybeans, corn rise as U.S. crop faces heat; wheat also higher

Reuters · 07/28/2022 06:42
GRAINS-Soybeans, corn rise as U.S. crop faces heat; wheat also higher

Chicago soybeans up for 5th session, corn up for fourth session

Dry weather in U.S. Midwest supports prices

Wheat up on doubts over Ukrainian supplies

Updates prices, adds quote

By Naveen Thukral and Sybille de La Hamaide

- Chicago corn and soybean futures extended gains on Thursday, as hot and dry weather conditions expected in parts of the U.S. Midwest threaten to reduce yields.

Wheat rose more than 2% on strong international demand at a time when doubts remain on how fast Ukraine's exports through the Black Sea will be allowed to resume.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.8% at $14.21-1/4 a bushel, as of 0331 GMT, after climbing earlier in the session to its highest since July 11 at $14.34 a bushel.

Corn Cv1 gained 2% to $6.14-3/4 a bushel and wheat Wv1 rose 2.4% to $8.09 a bushel.

U.S. corn and soybeans are enjoying a shot of seasonably cool weather this week, though a menacing hot and dry forecast for week and beyond has both farmers and traders on edge, Karen Braun, a market analyst for Reuters, wrote in a column.

Lack of moisture could hurt soybean plants as they develop pods.

"The dry and hot weather expected from week are worrying operators. The crops condition could deteriorate again," French consultancy Agritel said.

Wheat rose on doubts over supplies from the Black Sea region despite an agreement to reopen Ukrainian maritime grain exports.

Turkish Defence Minister Hulusi Akar unveiled a centre in Istanbul on Wednesday to oversee the export of Ukrainian grains after a landmark U.N. deal last week, with the first shipment expected to depart from Black Sea ports within days.

Russia and Ukraine signed the deal, brokered by Ankara and the United Nations, on Friday to reopen grain and fertiliser exports that have been blocked by war to ease an international food crisis.

The Russia-focused Sovecon agriculture consultancy has raised its forecast for the country's July-June 2022/2023 wheat exports by 300,000 tonnes to a record high of 42.9 million tonnes, it said on Wednesday.

The wheat crop estimate has been upped by 1.7 million tonnes to 80.9 million tonnes, the consultancy added in a

Indian wheat prices jumped to a record high, despite a ban on exports, amid strong demand and dwindling supply from a crop damaged by heat wave.

The price rally has reduced chances of India supplying substantial amounts of wheat under government-to-government deals with countries struggling to secure shipments amid the disruption of the war in Ukraine.

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

Prices at 1000 GMT



Pct Move

CBOT wheat Wv1




CBOT corn Cv1




CBOT soy Sv1




Paris wheat BL2Z2




Paris maize EMAc1




Paris rapeseed COMc1




WTI crude oil CLc1




Euro/dlr EUR=




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

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Shailesh Kuber)

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