GRAINS-Chicago grains curbed by dollar strength as Argentine weather watched
Updates at 1231 GMT, changes dateline
BEIJING/PARIS, Jan 8 (Reuters) - Chicago corn and wheat futures edged down on Wednesday while soybeans inched up as a rising dollar curbed U.S. prices and traders assessed rain chances in dry Argentina crop belts.
Trading was cautious amid uncertainty over President-elect Donald Trump's tariff plans. Traders also awaited U.S. government crop data on Friday for further direction on grain supply and demand.
The most-active corn contract Cv1 on the Chicago Board of Trade (CBOT) was down 0.1% at $4.57-1/2 a bushel by 1231 GMT.
CBOT soybeans Sv1 were up 0.2% at $9.99 a bushel, while CBOT wheat contract Wv1 eased 0.5% to $5.39-3/4 a bushel.
The dollar index =USD rose for a second day to approach last week's two-year peak. FRX/
"The strength of yesterday’s U.S. economic data releases combined with the looming threat of Trump's tariffs reverberated through the Asian trading session this morning," Rabobank said in a note.
A higher dollar makes U.S. grain more expensive overseas and the currency's strength has underscored concerns about tepid export demand for U.S. grain.
Weather for developing corn and soy crops in South America remained in focus, with participants monitoring forecasts suggesting some rain and easing heat in Argentina next week.
"From a fundamental point of view, there is an expectation of rainfall in Argentina, which will help crops which have been parched after a particularly poor December in terms of rainfall," said Andrew Whitelaw at agricultural consultants Episode 3 in Canberra.
Wheat found some support this week in an estimated decline last month in crop conditions in Kansas, the biggest U.S. winter wheat producing state.
But traders said cheaper export supplies from Argentina and the Black Sea region were keeping U.S. wheat prices in check.
"With large global stocks and strong competition from other major exporters, wheat prices have faced considerable pressure," said Cheang Kang Wei, assistant vice president at StoneX in Singapore.
Prices at 1231 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 539.75 | -2.75 | -0.51 |
CBOT corn Cv1 | 457.50 | -0.50 | -0.11 |
CBOT soy Sv1 | 999.00 | 1.75 | 0.18 |
Paris wheat BL2H5 | 231.25 | 0.50 | 0.22 |
Paris maize EMAc1 | 212.00 | 1.25 | 0.59 |
Paris rapeseed COMc1 | 527.25 | 6.25 | 1.20 |
WTI crude oil CLc1 | 74.64 | 0.39 | 0.53 |
Euro/dlr EUR= | 1.03 | -0.01 | -0.51 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
(Reporting by Ella Cao and Mei Mei Chu in Beijing and Gus Trompiz in Paris; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Elaine Hardcastle)
((gus.trompiz@thomsonreuters.com))
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