Home Business Chicago grains ease as firm dollar, China demand weigh

Chicago grains ease as firm dollar, China demand weigh

8 min read
Comments Off on Chicago grains ease as firm dollar, China demand weigh
0
27

[ad_1]

Article content

PARIS/SINGAPORE — Chicago corn, wheat

and soybeans edged lower on Monday, curbed by a rebound in the

Article content

dollar and renewed doubts about Chinese demand after a rise in

COVID-19 cases in the world’s second-largest economy.

Grain markets were also monitoring discussions over renewing

an export corridor from war-torn Ukraine before a deadline next

weekend, with Moscow citing constructive talks with United

Nations officials while saying agreement was yet to be reached.

The most-active soybean contract on the Chicago Board of

Advertisement 2

Article content

Trade (CBOT) was down 0.5% at $14.42-1/2 bushel by 1252

GMT.

CBOT wheat edged down 0.4% to $8.10-1/2 a bushel and

corn fell 0.4% to $6.55-1/4 a bushel.

Grain markets were buoyed on Friday by a weaker dollar and

news that China would ease some coronavirus-related

restrictions.

However, the announcement of the highest number of local

COVID-19 cases in China in over six months and worries in crude

oil markets about soft Chinese demand cooled sentiment in crop

markets too.

China is the world’s largest soybean importer.

Comments by a U.S. Federal Reserve official about interest

rates also dampened investor hopes sparked by lower than

expected October inflation.

Wheat markets have been capped by competitive prices of

Advertisement 3

Article content

Russian wheat as well as hopes the U.N.-backed shipping corridor

from Ukraine will be prolonged.

Saudi state buyer SAGO on Monday said it had bought just

over 1 million tonnes of wheat, much more than it had sought in

the tender, with traders suggesting Russian wheat may be used to

cover a large part of the optional-origin purchase.

The ongoing talks over the Black Sea grain corridor were

part of a busy geopolitical agenda, with the U.S. and Chinese

presidents meeting on Monday ahead of a summit of G20 nations.

The wheat market was also wrestling with Argentine supply.

The country’s wheat exports this season will not quite reach

half of last season’s, the Rosario Grains Exchange said on

Friday.

The return of rain may provide some pre-harvest relief to

Advertisement 4

Article content

drought-affected wheat crops, although later-developing corn and

soybeans may benefit more, traders said.

Prices at 1252 GMT

Last Chang Pct End Ytd Pct

e Move 2021 Move

CBOT wheat 810.50 -3.25 -0.40 770.75 5.16

CBOT corn 655.25 -2.75 -0.42 593.25 10.45

CBOT soy 1442.50 -7.50 -0.52 1339.25 7.71

Paris wheat 325.75 -1.50 -0.46 276.75 17.71

Paris maize 318.25 -1.75 -0.55 226.00 40.82

Paris rape 629.00 -7.25 -1.14 754.00 -16.58

WTI crude oil 87.79 -1.17 -1.32 75.21 16.73

Euro/dlr 1.03 0.00 -0.37 1.1368 -9.27

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 Rashmi Aich)

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

[ad_2]

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…