GRAINS-Soybeans subdued on strong yield prospects; wheat and corn rise
PARIS/BEIJING, Aug 21 (Reuters) - Chicago soybean futures ticked lower on Thursday, pressured by the strong yield potential shown by a closely watched U.S. Midwest field tour.
Corn edged up as robust export demand tempered supply pressure stemming from similarly favourable U.S. crop conditions, while wheat rebounded from contract lows.
Grain markets were awaiting a demand update from weekly U.S. export sales later on Thursday, with investors largely focused on Friday's speech at the Jackson Hole symposium by U.S. Federal Reserve head Jerome Powell. MKTS/GLOB
Third-day results from the Pro Farmer crop tour showed Illinois has its highest soybean pod counts in at least 22 years and its second-highest corn yield potential.
Western Iowa showed above-average yield prospects, though crop diseases could threaten final yields.
The annual tour, running through Thursday, is closely followed by the grain market and especially scrutinised this year after the U.S. Department of Agriculture (USDA) projected a much larger-than-expected 2025 corn crop.
"Bearish seasonals are weighing on grains," Peak Trading Research said in a note. "Powell's comments tomorrow should give us clarity on where the dollar and risk appetite are headed."
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% at $10.35-1/4 per bushel, as of 1049 GMT.
CBOT corn Cv1 futures rose 0.4% to $4.05-1/2 per bushel, with brisk export demand supporting a recovery from contract lows last week.
Exporters sold 100,000 metric tons of U.S. corn to Colombia and 125,741 metric tons to Mexico, all for 2025-26 delivery, according to the USDA.
CBOT wheat Wv1 added 1.0% to $5.33-1/2 per bushel in a bounce off new contract lows set on Wednesday.
"It's mainly short-covering given current price levels," a European trader said of wheat. "You are also seeing international demand returning."
Wheat markets have been weighed down by expectations of ample global supply, including rising estimates of Russia's harvest, though slow Russian exports and demand from Egypt and other importers have helped underpin the market. GRA/TEND
Prices at 1049 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 533.50 | 5.25 | 0.99 |
CBOT corn Cv1 | 405.50 | 1.50 | 0.37 |
CBOT soy Sv1 | 1035.25 | -0.75 | -0.07 |
Paris wheat BL2U5 | 196.50 | 2.50 | 1.29 |
Paris maize EMAc1 | 188.75 | 1.25 | 0.67 |
Paris rapeseed COMc1 | 471.50 | -0.50 | -0.11 |
WTI crude oil CLc1 | 63.32 | 0.61 | 0.97 |
Euro/dlr EUR= | 1.16 | 0.00 | -0.04 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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