By Naveen Thukral and Sybille de La Hamaide
SINGAPORE / PARIS, July 21 (Reuters) – Chicago wheat rose for a sixth consecutive session on Wednesday as unfavorable weather conditions in major exporting countries raised supply concerns while soybeans edged down amid lower oil prices and the slowing demand in the main Chinese importer.
The corn was flat.
“There are certainly problems for the American and spring wheat crops, but we will know how big the problem is when the harvest begins, in about two weeks for the American spring wheat and Canada about a month later. said a Singapore-based trader who sells US wheat to millers in Asia.
Chicago Board Of Trade’s (CBOT) Most Active Wheat Contract Wv1 climbed 0.4% to $ 7.03-1 / 4 a bushel at 11:30 a.m. GMT, after hitting $ 7.10 a bushel earlier in the session and peaking on May 18 of $ 7.18 a bushel Tuesday.
Soy Sv1 lost 0.4% to 13.82-1 / 2 a bushel, while corn CV1 was unchanged at $ 5.65-3 / 4 a bushel.
The wheat market is supported by crop problems in North America and the Black Sea region.
The US Department of Agriculture (USDA), in a report released after the market closed on Monday, rated 11% of US spring wheat as good or excellent, down from 16% a week earlier and below estimate analyst average of 15%.
The USDA forecast last week that US spring wheat production would drop to its lowest level in 33 years.
The agency left its good / excellent score for US corn unchanged at 65%, below an analyst consensus of 66%. He raised the soybean score by 1 percentage point to 60%, in line with expectations.
Chinese soybean imports from Brazil fell in June from a year earlier, customs data showed Tuesday, as low crush margins weighed on demand.
Declining soybean crushing margins have affected demand from China, which has been strong in recent months as a recovery in the country’s pig herd has boosted consumption.
Commodity funds were net buyers of corn, soybean, soybean oil, wheat and soybean meal futures on Tuesday, traders said. COMFUND / CBT
Price at 1120 GMT
End of 2020
Ytd Pct Move
CBOT wheat Wv1
CBOT corn CV1
CBOT soybean Sv1
Paris wheat BL2Z1
Paris corn EMAc1
Paris rapeseed COMc1
WTI crude oil CLc1
Euro / dlr EUR =
Most active contracts – US cents / bushel of wheat, corn and soybeans, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Chizu Nomiyama)
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