GRAINS-Chicago grains ease ahead of USDA report
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, July 11 (Reuters) - Chicago wheat, corn and soybean futures edged lower on Friday as favourable harvest prospects and a firmer dollar hung over the market and traders awaited monthly U.S. government crop forecasts.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.3% at $4.15-1/4 a bushel by 1150 GMT, close to an eight-month low hit in late June.
CBOT soybeans Sv1 ticked down 0.2% to $10.12 a bushel to trade near a three-month low struck on Thursday.
CBOT wheat Wv1 was down 0.5% at $5.52 a bushel, retreating from an earlier one-week high.
Prices ended higher on Thursday, with concerns over low availability of Russian wheat and brisk weekly U.S. exports encouraging a recovery from recent losses.
But expectations of ample global supplies and worries over the fallout from a U.S. tariff offensive against trading partners continued to weigh.
"There is an oversupply of grains and oilseeds in the market and the U.S. monthly report later today is likely to reinforce that," said a grains trader in Singapore.
The U.S. Department of Agriculture is due to issue its monthly U.S. and world supply and demand estimates later on Friday.
Favourable Midwest weather continues to influence corn and soybean markets, fuelling expectations of bumper U.S. harvests that would add to big crops in rival exporter Brazil.
The Russian government on Thursday ordered measures to boost agriculture exports after a slow start to the wheat export season, which traders said reflected a late harvest and reluctant selling by farmers.
The Sovecon consultancy estimates July wheat exports at 2 million-2.5 million tons, compared with 3.67 million tons in July 2024.
The export snags in Russia fuelled speculation that merchants may seek wheat elsewhere to cover export deals, though traders said any supply tensions could be short-lived with the Russian harvest expected to accelerate.
In Europe, France's wheat harvest remained ahead of the usual pace after a hot start to summer, with more than a third of the main soft wheat crop gathered by Monday, farm office FranceAgriMer said.
Prices at 1150 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 552.00 | -2.50 | -0.45 |
CBOT corn Cv1 | 415.25 | -1.25 | -0.30 |
CBOT soy Sv1 | 1012.00 | -1.75 | -0.17 |
Paris wheat BL2U5 | 201.75 | 0.50 | 0.25 |
Paris maize EMAc1 | 205.75 | 1.50 | 0.73 |
Paris rapeseed COMc1 | 457.50 | -3.00 | -0.65 |
WTI crude oil CLc1 | 67.33 | 0.76 | 1.14 |
Euro/dlr EUR= | 1.17 | 0.00 | -0.06 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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