PARIS/SINGAPORE — Chicago corn, wheat
and soybeans edged lower on Monday, curbed by a rebound in the
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
Trade (CBOT) was down 0.5% at $14.42-1/2 bushel by 1252
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
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
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
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
The return of rain may provide some pre-harvest relief to
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)