GRAINS-Wheat and corn higher, soybeans stuck near 3-week low
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, May 30 (Reuters) - Chicago wheat and corn edged higher on Friday as the cereal markets consolidated after losses this week linked to favourable U.S. and global harvest prospects.
Soybeans ticked lower to hold near Thursday's three-week low, curbed by expectations of ample supplies along with uncertainty over biofuel demand as the U.S. government considers waivers for oil refiners.
A firmer dollar =USD kept grain prices in check as grain markets awaited an update on demand from weekly U.S. export sales figures later on Friday.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.7% to $5.37-3/4 a bushel by 1015 GMT. Corn Cv1 added 0.5% to $4.49-1/4 a bushel to steady after a one-week low on Thursday.
CBOT soybeans Sv1 inched down 0.1% at $10.50-1/2 a bushel to consolidate above Thursday's low of $10.40.
Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest.
India is likely to produce a record 117.5 million metric tons of wheat in the year ending June 2025, the farm ministry said, above its March forecast of 115.4 million tons.
In the U.S., winter wheat conditions are at a five-year high despite an unexpected decline last week, while regular showers have helped most corn and soybean crops get off to a good start to their growing season.
With expectations rising for Brazil's upcoming second corn crop, the corn market found little support in large export sales reported on Thursday by the U.S. Department of Agriculture.
"Despite exceptional export sales reported by the USDA —amounting to 205,096 tons for the 2024/25 campaign — market support remains absent," Argus Media analysts said in a note.
The soybean market was assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from U.S. biofuel laws.
Prices at 1015 GMT |
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| Last | Change | Pct Move |
CBOT wheat Wv1 | 537.75 | 3.75 | 0.70 |
CBOT corn Cv1 | 449.25 | 2.25 | 0.50 |
CBOT soy Sv1 | 1050.50 | -1.25 | -0.12 |
Paris wheat BL2U5 | 202.00 | 0.00 | 0.00 |
Paris maize EMAc1 | 193.00 | 2.25 | 1.18 |
Paris rapeseed COMc1 | 474.50 | 2.00 | 0.42 |
WTI crude oil CLc1 | 61.35 | 0.41 | 0.67 |
Euro/dlr EUR= | 1.13 | 0.00 | -0.34 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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