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GRAINS-Wheat drops from 1-week high on Ukrainian corridor hopes; soybeans ease

Reuters · 11/16/2022 07:27
GRAINS-Wheat drops from 1-week high on Ukrainian corridor hopes; soybeans ease

Wheat falls from 1-wk high on expectations of Ukrainian exports

Chicago soybeans, corn down after closing higher on Tuesday

Updates prices, adds detail

By Sybille de La Hamaide and Naveen Thukral

- Chicago wheat slid for the first time in four sessions on Wednesday, retreating from the previous day's one-week high, as prices were pressured by hopes of an extension of a Black Sea export deal despite reports of missiles hitting Poland.

Soybeans and corn prices eased after closing higher on Tuesday.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 2.4% at $8.08-1/4 a bushel, as of 1200 GMT, after climbing to its highest since Nov. 8 at $8.43 a bushel on Tuesday following the reported bombing in Poland after a day of shelling attacks in Ukraine.

Soybeans Sv1 lost 0.9% to $14.44-3/4 a bushel and corn Cv1 also gave up 0.9% to $6.66-1/2 a bushel.

Russia spoke in favour of extending the Black Sea grain deal at this week's G20 summit in Bali, as long as more grain was sent to countries in the greatest , Finance Minister Anton Siluanov told Russia's state-run RT channel.

The deal allowing Ukraine to export grain via the Black Sea without hindrance from Russia's military campaign in Ukraine is due to roll over on Nov. 19 unless there are objections.

"The market is expecting Ukrainian exports to continue as the deal is likely to be extended," said one Singapore-based trader.

Meanwhile, Poland's President Andrzej Duda said on Wednesday the missile that hit Poland killing two people was probably a Ukrainian air defence missile and there was evidence to suggest the incident was an intentional attack by Russia.

The announcement, which followed similar suggestions by the United States, was likely to ease global concern that the war in Ukraine could spill across the border.

For soybeans, strong demand is providing a floor under the market.

The monthly U.S. soybean crush rose in October and matched an average of analyst estimates, while soyoil stocks rose for the first time in eight months, according to National Oilseed Processors Association (NOPA) data released on Tuesday.

NOPA members, which account for around 95% of soybeans processed in the United States, crushed 184.464 million bushels of soybeans last month, up from the 158.109 million bushels processed in September and up from the October 2021 crush of 183.993 million bushels.

European Union soft wheat exports so far in the 2022/23 season have reached 13.35 million tonnes, 10% ahead of last year's pace following a large volume last week, data published by the European Commission showed on Tuesday.

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

Prices at 1200 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 Rashmi Aich, Sherry Jacob-Phillips, Elaine Hardcastle)

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