Corn and soybeans regain ground after multi-week lows
Updates at 1131 GMT, changes dateline
PARIS/CANBERRA, Oct 16 (Reuters) -Chicago corn and soybean futures edged higher on Wednesday, consolidating after multi-week lows in the previous session when forecast rain in Brazil and Argentina eased drought concerns.
Wheat futures eased further to a three-week low, with rain expected in parched Russian and U.S. winter wheat belts also tempering supply worries.
A steadying in crude oil after a day-earlier slide, as investors assessed tepid demand and war developments in the Middle East, helped underpin corn and soybeans, which are partly used for making biofuel. O/R
The most-active corn contract on the Chicago Board of Trade Cv1 was up 0.5% at $4.03-1/4 a bushel by 1131 GMT after holding the $4 floor during Tuesday's fall to a one-month low.
CBOT soybeans Sv1 rose 0.7% to $9.98-1/2 a bushel, recovering from Tuesday's 1-1/2 month low.
CBOT wheat Wv1 was down 0.5% at $5.76-1/2 a bushel, just off an earlier three-week low.
After a dry stretch that delayed early planting, major crop areas in South America have received good rains in recent days and forecasts predict more over the coming week.
In the central United States, dry weather has favoured harvesting of corn and soy crops. The corn harvest was 47% complete by Sunday and the soybean harvest was 67% finished, data from the U.S. Department of Agriculture showed on Tuesday, with both harvests ahead of the usual pace.
The lack of rain has raised concerns about wheat planting, but weather charts are predicting showers this week in part of the U.S. Plains wheat belt.
In Russia, the world's biggest wheat-exporting country, the return of rain in drought-hit southern regions is seen facilitating planting.
"On the climatic front, the arrival of rains beneficial for wheat plantings in Russia as for soybean and corn plantings in South America, reassures operators," Argus analysts said in a note.
Soybeans drew some support from demand.
The USDA on Tuesday reported an export sale of 131,000 tons of U.S. soybeans to China, while domestically industry data showed that the U.S. soybean crush topped all trade estimates in September.
Improving planting weather in the Black Sea region has turned attention away from risks to Russian exports.
The Russian government last week proposed a minimum export price, according to sources, and set a higher export duty, but their impact remains unclear.
"Wheat prices are in a bit of a holding pattern," said Rod Baker at Australian Crop Forecasters in Perth. "It will take a bit of demand to come online to push prices higher."
Prices at 1131 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 576.50 | -3.00 | -0.52 |
CBOT corn Cv1 | 403.25 | 2.00 | 0.50 |
CBOT soy Sv1 | 998.00 | 7.00 | 0.71 |
Paris wheat BL2Z4 | 225.25 | -1.00 | -0.44 |
Paris maize EMAc1 | 210.00 | -1.25 | -0.59 |
Paris rapeseed COMc1 | 495.00 | 3.75 | 0.76 |
WTI crude oil CLc1 | 70.22 | -0.36 | -0.51 |
Euro/dlr EUR= | 1.09 | 0.00 | 0.00 |
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 Alan Barona, Subhranshu Sahu and Jane Merriman
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