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Markets

Wheat extends fall, corn rises ahead of USDA report

  • Rain forecast for US, Canadian wheat growing areas add pressure.
  • Corn extends gains, soybeans edge higher ahead of US report.
10 Jun 2021

SINGAPORE/PARIS: Chicago wheat futures lost ground for a second session on Thursday, with forecasts of rains in drought-hit US and Canadian producing areas weighing on the market and traders awaiting a key US government report later in the day.

Corn extended Wednesday's strong gains, while soybeans edged higher.

"The weather outlook seems to be evolving in crops regions (on) either side of the central Canada-US border," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

"Weather models are increasingly moving rain forecast through next week to the Northeast. And the shift is consistent enough for weather forecasters to take it seriously."

The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 1.1% to $6.74-1/2 a bushel by 1050 GMT, having closed down 0.4% on Wednesday.

Soybeans were up 0.4% at $15.68-1/2 a bushel and corn rose 0.6% at $6.94-3/4 a bushel.

Consultancy Strategie Grains on Thursday raised its monthly forecast for the 2021 soft wheat harvest and exports from the European Union next season due to improved competitiveness on the world market but lowered them for the current season.

The US Department of Agriculture (USDA) is releasing its monthly world supply-and-demand outlook on Thursday.

Analysts on average expect the agency to cut its projections for US corn stocks, against a backdrop of brisk Chinese demand and Brazil's drought-affected corn crop.

India has stepped up corn exports as a rally in global prices to their highest since 2013 has made shipments from the South Asian country competitive, easing concerns about rising food inflation in Southeast Asia.

Global food import costs are expected to rise 12% in 2021 to a record due to surging commodity prices and robust demand during the COVID-19 crisis, the United Nations food agency said.