PARIS/CANBERRA, July 9 (Reuters) - Chicago wheat and corn futures were little changed on Tuesday after sharp declines on Monday, while soybeans hovered around their lowest levels since November 2020 as expectations of ample supplies from northern hemisphere harvests hung over the market. The most-active wheat contract on the Chicago Board of Trade (CBOT) edged up 0.1% at $5.71 a bushel by 1124 GMT, recovering from a one-week low on Monday. CBOT corn inched down 0.1% to $4.07-1/4 a bushel. The benchmark found support at the $4 psychological level after approaching a four-year low on Monday. CBOT soybeans eased 0.5% to $10.94-1/4 a bushel, after hitting their lowest level since November 2020 for a second straight session. Market expectations of favourable growing conditions for U.S. corn and soybeans as well as brisk winter wheat harvesting were supported by weekly data released after Monday's close. The U.S. Department of Agriculture (USDA) increased its ratings of corn, soy and spring wheat crops while estimating that nearly two-thirds of winter wheat had been cut. Supply pressure has also come from improving conditions for wheat in top exporter Russia, taking attention away from rain-affected prospects in France where the farm ministry said on Tuesday it expects the main wheat crop to shrink by 15% from last year. Meanwhile, farmers in Brazil's center-south region had harvested 63% of their second corn crop for the 2024 cycle as of last Thursday, consultants AgRural said. "These are well supplied markets," said Andrew Whitelaw at consultants Episode 3 in Canberra said of grains. Speculators have been betting heavily on falling prices by expanding short positions. However, the market remains sensitive to any weather upset during the U.S. growing season while attention is also turning to Friday's USDA monthly supply and demand forecasts for a fresh gauge of harvest prospects. "Funds are now dangerously short in markets like corn, cotton and soybeans," Peak Trading Research said in a note. "These markets are effectively out of sellers. Any bullish fundamental or non-fundamental catalysts will be overtraded to the upside." Prices at 1124 GMT Last Change Pct Move CBOT wheat 571.00 0.50 0.09 CBOT corn 407.25 -0.50 -0.12 CBOT soy 1094.25 -5.25 -0.48 Paris wheat 221.25 0.00 0.00 Paris maize 214.75 1.50 0.70 Paris rapeseed 488.25 -5.50 -1.11 WTI crude oil 81.94 -0.39 -0.47 Euro/dlr 1.08 0.00 -0.06 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton (Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Rashmi Aich and Varun H K)
Wheat
Future
End-of-day quote Chicago Board Of Trade 02:15:22 2024-07-08 pm EDT | 5-day change | 1st Jan Change | ||
553 USc | -3.36% | -2.85% | -11.94% |
01:50pm | Wheat, corn pause after slide; soybeans stuck at over 3-1/2 year low | RE |
02:45am | Wheat, corn and soybeans steady after improving US crop ratings hit prices | RE |
Stocks mentioned in the article
Price
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Change
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5d. change
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Capi.
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553 USc | -3.36% | -2.85% | - | ||
390.5 PTS | +0.88% | -0.95% | - | ||
326.3 PTS | +0.51% | -3.12% | - | ||
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