CANBERRA/PARIS, June 25 (Reuters) - Chicago wheat futures eased on Tuesday, staying near a two-month low hit the previous day, as traders assessed global supplies, especially in the European Union, India and top exporter Russia. Soybean and corn futures fell as investors weighed the impact of heat and then flooding on crops in the United States. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.5% at $5.68 a bushel by 1300 GMT after falling to $5.64 on Monday, its lowest level since April 19. Wheat rallied to a 10-month high of $7.20 in May after adverse weather in Russia led to sharp cuts to the country's harvest estimates, but those price gains have almost completely unwound. Argus on Monday cut its wheat production forecast for Russia to a three-year low of 79.5 million metric tons, well below estimates from Russian consultancies, which have stabilised in recent weeks as the weather there improved. Russian export prices are meanwhile declining as early harvesting data showed high yields. Another potential cause of tighter supply would be Indian imports of wheat, with a government official saying that the country has imposed limits on wheat stocks and may abolish or trim the import tax on the grain. "While this does not seem to play any role at present, it would then only be a matter of time before this is reflected in rising world market prices," Commerzbank said in a note. Meanwhile, a heatwave spreading throughout Europe this week is set to take a heavy toll on summer crops in the southeast but is good news for farmers on the other side of the region after prolonged rains flooded fields and hampered plants' growth, analysts said. Also, pressuring prices is a rapidly progressing U.S. harvest that is giving good yields and improved cropping conditions in exporters like Australia and Canada, Pistoia said. In other crops, CBOT September corn was down 1.3% at $4.46 a bushel and soybeans was 0.8% lower at $11.22 a bushel. While both markets are well supplied, weather concerns were supporting prices, with forecast dryness in the Black Sea region likely to stunt corn yields and heavy rain after near-record temperatures in the United States threatening to take a toll on soybeans and corn, whose condition deteriorated last week. Prices at 1300 GMT Last Change Pct Move CBOT wheat 568.00 -3.00 -0.53 CBOT corn 446.00 -5.75 -1.27 CBOT soy 1122.00 -8.50 -0.75 Paris wheat 220.00 -2.25 -1.01 Paris maize 207.75 -1.25 -0.60 Paris rapeseed 458.25 -3.75 -0.81 WTI crude oil 81.22 -0.41 -0.50 Euro/dlr 1.07 0.00 -0.27 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per ton (Reporting by Peter Hobson and Sybille de La Hamaide; Editing by Rashmi Aich and Sohini Goswami)
Wheat
Future
Market Closed - Chicago Board Of Trade 02:15:36 2024-06-28 pm EDT | 5-day change | 1st Jan Change | ||
555 USc | -0.85% | -1.16% | -11.62% |
Jun. 28 | Brazil's flood-hit state to produce 55% more wheat, crop agency says | RE |
Jun. 28 | Corn tumbles to contract lows on additional US corn acres | RE |
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555 USc | -0.85% | -1.16% | - | ||
438.3 PTS | -0.07% | -1.43% | - | ||
398 USc | -3.81% | -8.51% | - | ||
389.1 PTS | -1.04% | -0.39% | - | ||
336.4 PTS | -3.55% | -7.49% | - | ||
85.72 RUB | 0.00% | -3.73% | - | ||
- USc | -.--% | -2.11% | - | ||
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