BEIJING: Chicago wheat futures slipped on Wednesday, after a three day rise, but remained near a one-week peak as rising conflict between Russia and Ukraine renewed threats of supply disruptions.
EU 2024/25 soft wheat exports down
Soy also fell amid expectations of a bumper crop in top producer Brazil with corn following the decline.
Fundamentals
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The most-active wheat contract on the Chicago Board of Trade eased 0.53% to $5.65 a bushel as of 0146 GMT, but still hovered near its highest since Nov. 12 hit on Tuesday.
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The soybean contract was down 0.2% at $9.96 a bushel while corn slipped 0.12% to $4.27 a bushel.
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Ukraine used US long-range missiles to strike Russian territory on Tuesday, taking advantage of newly granted permission from the outgoing Biden administration on the Ukraine war’s 1,000th day.
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Brazil is expected to harvest 167.7 million metric tons of soybeans in the 2024/25 season, a record volume that should also catapult exports and domestic processing to record highs, according to a statement from oilseed lobby Abiove on Tuesday, in its first forecast for the ongoing season.
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Ukraine’s wheat harvest may increase to up to 25 million tons next year from an expected 22 million tons this year thanks to a larger sowing area, the first deputy agriculture minister Taras Vysotskiy told Reuters in an interview.
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Algeria’s state grains agency OAIC is believed to have purchased durum wheat in an international tender which closed on Tuesday, European traders said.
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European Union soybean imports so far in the 2024/25 season that started in July had reached 4.75 million tons by Nov. 17, up 9% compared with 4.36 million tons a year earlier, data published by the European Commission showed on Tuesday.
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Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soyoil and soymeal futures contracts on Tuesday, and net buyers of wheat futures, traders said.
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