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Wheat eases on supply prospects; soybeans weighed down by oil prices

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CHICAGO — Chicago wheat prices edged down on Wednesday, pressured by persistent reports that U.S. buyers imported European wheat due to high domestic prices and attractive ocean shipping rates into the United States, analysts said.

The recent deal to keep the Black Sea export corridor open for Ukraine grain shipments also continued to weigh on the thinly traded market before the U.S. Thanksgiving holiday on Thursday, traders said.

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Soybeans eased on ongoing concern about a rise in COVID-19 cases in China and oil prices falling as the Group of Seven (G7) nations looked at a price cap on Russian oil.

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Competition for global export business from Brazil weighed over CBOT soy, traders said.

Exporters sold 110,000 tonnes of U.S. soy to China for delivery in the 2022/23 marketing year, the U.S. Department of Agriculture said Wednesday.

Corn futures were little changed from the previous session in quiet trading, as the market eyed dry weather forecasts that may cause more stress on Argentinian crops, analysts said.

“As we hit this weekend and going forward, South American weather is going to be a big deal to the markets,” said Don Roose, president of Iowa-based U.S. Commodities. “There’s a huge soybean and corn crop in South America, so the question of weather is key.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 2-3/4 cents to $8.07-3/4 a bushel by 1626 GMT. Soybeans was down 3-3/4 cents to $14.26 a bushel, and corn rose 1-3/4 cents to $6.61. (Additional reporting by Mei Mei Chu in Singapore and Sybille de La Hamaide in Paris; Editing by Uttaresh.V, Rashmi Aich, Shounak Dasgupta and Richard Chang)

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