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GRAINS-Wheat set for biggest weekly loss in 6 months on ample global supplies

Reuters · 01/06/2023 07:15
GRAINS-Wheat set for biggest weekly loss in 6 months on ample global supplies

Black Sea, Australia supplies add pressure on wheat

Soybean price eased this week on beneficial rains in Argentina

Adds quote in paragraph 6, details, updates prices

By Naveen Thukral and Sybille de La Hamaide


- Chicago wheat futures edged higher on Friday, but the market was on track for its biggest weekly decline in six months as ample supplies from the Black Sea region weighed on prices.

Soybeans and corn ticked up, recouping some of recent losses with both markets set to end the week in territory.


The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 gained 0.7% to $7.52-1/4 bushel, as of 1140 GMT. Soybeans Sv1 also added 0.7% to $14.81 a bushel and corn Cv1 rose 0.7% to $6.57-1/2 a bushel.


For the week, wheat was down 5%, its biggest drop since July 15, soybeans had lost 2.8%, the most since late September and corn had dropped 3.1%, its biggest decline since early December.

For wheat, the availability of abundant low-priced supplies from Russia and Ukraine, are giving stiff competition to other global exporters, traders said.


Reports of a record crop expected in Australia, the world's second-largest exporter of the grain, also weighed on prices. The country is poised to ship record volumes in the months ahead, analysts and traders said.


"The wheat market appears to be amply supplied in the short term," Commerzbank wrote in a commodities research .

Recent rains boosted 2022/23 soybean plantings in Argentina after delays resulting from a severe drought, the Buenos Aires grains exchange said. Upcoming showers will reduce the stress on crops in southern and western parts of the country, Commodity Weather Group said.


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


Prices at 1143 GMT





Last

Change

Pct Move

CBOT wheat Wv1

752,25

5,50

0,74

CBOT corn Cv1

657,50

4,75

0,73

CBOT soy Sv1

1481,00

10,25

0,70

Paris wheat BL2c1

301,75

0,00

0,00

Paris maize EMAc1

291,50

1,50

0,52

Paris rapeseed COMc1

581,00

-2,00

-0,34

WTI crude oil CLc1

73,76

0,09

0,12

Euro/dlr EUR=

1,0499

-0,002

-0,200

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


(Reporting by Naveen Thukral and Sybille de La Hamaide; Editing by Rashmi Aich and Susan Fenton)

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