GRAINS-Chicago rebound stalls as supply pressure lingers
PARIS/CANBERRA, Aug 8 (Reuters) - Chicago wheat, corn and soybean futures were little changed on Friday as an export-fuelled bounce lost momentum, with expectations of ample supply lingering and traders looking ahead to U.S. government crop forecasts.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.05% at $5.18-1/2 a bushel by 1222 GMT. CBOT corn Cv1 inched down 0.12% to $4.06-1/2 a bushel and CBOT soybeans Sv1 ticked 0.18% lower to $9.92 a bushel.
All three crops had rebounded in the previous session after wheat struck a five-year low, soybeans a four-month trough and corn contract lows during Wednesday's session.
Higher than anticipated weekly U.S. export sales reported by the U.S. Department of Agriculture (USDA) had supported Thursday's bounce, suggesting low prices were generating demand.
Short-covering by speculators also helped wheat and corn prices rebound, according to traders.
Grain markets are now shifting their focus towards monthly USDA supply and demand projections due on Tuesday, which will be closely watched for revisions to expected U.S. corn and soybean production.
"The USDA report is expected to confirm strong U.S. corn crop potential," commodity data platform CM Navigator said in a note. "Attention will then quickly turn to yield estimates from private crop tours."
Plentiful supply continued to weigh on prices.
Consultancy IKAR said on Friday it had raised its 2025 Russian wheat crop forecast to 84.5 million metric tons from 84.0 million previously, supporting expectations that harvest results were improving in the world's biggest wheat exporter after disappointing early reports.
In France, the farm ministry increased its estimate of the main wheat crop, confirming a sharp rebound from last year, though it forecast a smaller maize crop as hot, dry weather was seen affecting yields.
That came after Expana increased on Thursday its monthly production outlook for the European Union's main wheat crop, while cutting its maize forecast.
Prices have tested lows and rebounded, but probably not yet hit bottom, said Rabobank analyst Vitor Pistoia.
"Next week, we will see the truth," he said.
Prices at 1222 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 518.50 | 0.25 | 0.05 |
CBOT corn Cv1 | 406.50 | -0.50 | -0.12 |
CBOT soy Sv1 | 992.00 | -1.75 | -0.18 |
Paris wheat BL2U5 | 197.50 | 0.00 | 0.00 |
Paris maize EMAc1 | 192.00 | -0.50 | -0.26 |
Paris rapeseed COMc1 | 469.00 | -4.75 | -1.00 |
WTI crude oil CLc1 | 64.21 | 0.33 | 0.52 |
Euro/dlr EUR= | 1.16 | 0.00 | -0.16 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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