CORRECTED-GRAINS-Corn and wheat edge up, soybeans stay weak
Corrects February 12 story to add missing source for quote in paragraph 9
BEIJING/PARIS, Feb 12 (Reuters) - Chicago corn and wheat futures edged up on Wednesday as traders awaited U.S. inflation data and further indications on crop weather and U.S. tariff policy.
Soybeans eased, extending Tuesday's fall as higher-than-expected forecasts of U.S. soybean and corn stocks from the U.S. Department of Agriculture (USDA) weighed on the market.
The most-active soybean contract Cv1 on the Chicago Board of Trade (CBOT) was down 0.5% at $10.38-1/2 a bushel by 1157 GMT while CBOT corn Cv1 inched up 0.1% to $4.84-1/2 a bushel.
CBOT wheat Wv1 rose 0.6% to $5.80-1/2 a bushel, breaking a three-session slide.
Investors were watching for a monthly U.S. inflation reading that could sway the dollar and commodities priced in the U.S currency. MKTS/GLOB
The wheat market was also awaiting the outcome of a tender by major importer Algeria to gauge the reduced competitiveness of Russian supplies.
In its monthly report on Monday, the USDA projected U.S. soybean and corn end-of-season supplies above market expectations while cutting Argentina's corn and soybean production outlook after hot and dry weather wilted crops.
However, global soybean supplies are still expected to be significant due to a bumper crop in top producer Brazil, according to traders and analysts.
"The market focus now shifts to the Algerian tender, weather developments, and potential policy moves from U.S. President Donald Trump," commodity data platform CM Navigator said in a note.
Agribusiness consultancies in Brazil diverged on the size of the country's 2024-25 soybean crop. While AgResource Brasil raised its forecast to a record 172.28 million tons, Patria AgroNegocios trimmed its outlook to 165.87 million tons.
A cold spell forecast in Russia and across Europe was also being monitored for impact on wheat crops.
Grain markets were also watching out for further tariff announcements by U.S. President Donald Trump and possible retaliatory action by trading partners that might affect U.S. crop exports.
Prices at 1157 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 580.50 | 3.50 | 0.61 |
CBOT corn Cv1 | 484.50 | 0.50 | 0.10 |
CBOT soy Sv1 | 1038.50 | -5.00 | -0.48 |
Paris wheat BL2H5 | 233.50 | -2.50 | -1.06 |
Paris maize EMAc1 | 215.00 | -2.75 | -1.26 |
Paris rapeseed COMc1 | 522.75 | -0.25 | -0.05 |
WTI crude oil CLc1 | 72.41 | -0.91 | -1.24 |
Euro/dlr EUR= | 1.04 | 0.00 | 0.14 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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