GRAINS-Chicago soybeans and corn rise as traders gauge exports and weather
Updates with European trading, changes dateline
BEIJING/PARIS, June 24 (Reuters) - Chicago soybean and corn futures edged higher on Wednesday with traders monitoring export demand, including further purchases by China, and U.S. Midwest weather as crops approach crucial summer growth stages.
Wheat steadied after a three-session slide on mixed harvest prospects in the Northern Hemisphere.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.3% at $11.45-1/4 a bushel at 1143 GMT.
Falling oil prices LCOc1 and a rallying dollar =USD nonetheless kept a lid on grain prices, while traders awaited clearer direction from widely followed U.S. government planting and stocks estimates on June 30.
"While falling crude oil prices have dragged down soyoil and weighed on soybean prices, concerns about the potential impact of El Niño and expectations of bulk purchases from China continue to support the market," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.
The U.S. market was monitoring Chinese demand after confirmation last week of first soybean sales since a May summit between Presidents Donald Trump and Xi Jinping.
Traders were also watching U.S.-Iran peace negotiations after Washington suggested frozen Iranian funds could be used to buy U.S. crops, an idea played down by Tehran.
CBOT corn Cv1 rose 0.6% to $4.12 a bushel to halt a three-session decline.
Brisk U.S. export sales have helped underpin corn, which had slipped to a nine-month low last week on supply pressure created by favourable U.S. crop conditions and large South American harvests.
CBOT wheat Wv1 added 0.5% to $6.00-1/4 a bushel, after earlier hitting a one-week low.
A fast-moving U.S. harvest has turned attention from drought-diminished volumes.
Favourable crop prospects in Russia and Ukraine have also kept U.S. traders relaxed about potential heatwave damage in Western Europe.
On Euronext, September wheat BL2U6 on Wednesday reached its highest in almost four weeks while November maize EMAX6 set a contract high.
Prices at 1143 GMT |
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Last |
Change |
Pct Move |
|
CBOT wheat Wv1 |
600.25 |
3.25 |
0.54 |
CBOT corn Cv1 |
412.00 |
2.25 |
0.55 |
CBOT soy Sv1 |
1145.25 |
3.50 |
0.31 |
Paris wheat BL2c1 |
209.75 |
3.75 |
1.82 |
Paris maize EMAc1 |
231.50 |
10.50 |
4.75 |
Paris rapeseed COMc1 |
520.25 |
2.25 |
0.43 |
WTI crude oil CLc1 |
71.70 |
-1.51 |
-2.06 |
Euro/dollar EUR= |
1.13 |
0.00 |
-0.34 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton |
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