GRAINS-Chicago wheat and corn fall as supply pressures persist
PARIS/BEIJING, Aug 19 (Reuters) - Chicago wheat fell on Tuesday, pressured by an upward revision to Russia's wheat crop forecast and latest talks to end the war in Ukraine, while corn eased as strong yield projections from a U.S. Midwest field tour maintained supply pressure.
Soybeans were little changed, with the market underpinned by last week's reduced U.S. government forecast for the autumn harvest.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.8% at $5.21 per bushel by 1130 GMT.
On Monday, Russia's IKAR consultancy raised its 2025 wheat crop forecast to 85.5 million metric tons from 84.5 million tons, reinforcing expectations that the world's biggest exporter is set for a large harvest despite a disappointing start.
"Russian volumes are now arriving steadily," Argus analysts said in a note. "Although quality remains a concern, local prices are still under pressure."
Hopes of progress towards ending the war in Ukraine also weighed on sentiment, said Andrew Whitelaw of agricultural consultants Episode 3.
On Monday, U.S. President Donald Trump told Ukraine President Volodymyr Zelenskiy that Washington would help guarantee Ukraine's security in any deal to end Russia's war there, though the next steps remained uncertain.
Both Russia and Ukraine are major grain exporters.
CBOT corn Cv1 slipped 0.9% to $4.02-3/4 a bushel to trade near contract lows from last week. CBOT soybeans Sv1 inched down 0.1% to $10.40-1/4 a bushel, but remained close to a six-week peak.
Corn and soybean markets are focused on results from the Pro Farmer Midwest crop tour for a further steer on harvest prospects, after the U.S. Department of Agriculture surprised traders last Tuesday with a bigger-than-expected corn crop forecast and a smaller than anticipated soybean outlook.
Ohio and South Dakota's corn yield prospects and soybean pod counts are higher than both last year and the three-year average, according to scouts on the first day of the annual Pro Farmer tour on Monday.
A weekly report from the USDA on Monday also indicated favourable conditions. Corn good/excellent ratings dipped slightly over the past week but remained at their strongest since 2016, while soybean ratings were steady.
Prices at 1130 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 521.00 | -4.00 | -0.76 |
CBOT corn Cv1 | 402.75 | -3.75 | -0.92 |
CBOT soy Sv1 | 1040.25 | -1.00 | -0.10 |
Paris wheat BL2U5 | 194.25 | -2.00 | -1.02 |
Paris maize EMAc1 | 186.50 | -0.75 | -0.40 |
Paris rapeseed COMc1 | 472.50 | -2.50 | -0.53 |
WTI crude oil CLc1 | 62.63 | -0.79 | -1.25 |
Euro/dlr EUR= | 1.17 | 0.00 | 0.19 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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