Corn, wheat, soy steady as U.S. crop prospects assessed

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PARIS/CANBERRA — Chicago corn, wheat and soybean futures

edged increased on Friday because the market assessed contrasting rain forecasts for

U.S. rising belts and regarded forward to authorities acreage estimates subsequent week.

Grain costs have been pressured this week by climate charts projecting

heavy rain in a swathe of the U.S. Midwest, however extra restricted moisture anticipated

in northerly zones has sustained concern about drought injury.

New-crop December corn futures on the Chicago Board of Commerce have been up

0.2% at $5.37-1/4 a bushel by 1121 GMT.

“The long-awaited rains within the Iowa area are notably welcome,”

consultancy Agritel stated in a observe, referring to the biggest U.S. corn producing

state.

“Nevertheless, the essential interval stays forward on the corn flowering stage by

mid-July.”

Market individuals are more and more turning their consideration in the direction of the

U.S. Division of Agriculture’s June 30 acreage report. Analysts anticipated the

USDA to extend corn and soy space estimates in contrast with its March

projections.

U.S. harvest prospects are being watched notably carefully as a consequence of

tightening international shares and robust Chinese language demand.

The Worldwide Grains Council on Thursday forecast that the world’s

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stocks-to-use ratio for grains would fall to an eight-year low in 2021/22,

regardless of anticipated report manufacturing of corn and wheat.

CBOT November soybean futures have been up 0.5% at $12.97-3/4 a bushel,

dealing with resistance on the psychological $13 threshold.

The USDA stated on Thursday personal exporters reported a sale of 132,000

tonnes of soybeans to China and 260,000 tonnes of soybeans to unknown

locations, including to different soybean export gross sales reported this week.

Soybean futures additionally drew help from a restoration in vegetable oil costs

this week.

CBOT September wheat was up 0.6% at $6.56 a bushel, supported by

considerations over drought in northern U.S. spring wheat belts.

MGEX September spring wheat was up 1.7%.

Wheat markets have been weighing drought injury to spring wheat in North

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America and the Black Sea area in opposition to favorable prospects for winter wheat

harvesting that’s getting below manner within the northern hemisphere.

Costs at 1121 GMT

Final Change Pct Finish Ytd Pct

Transfer 2020 Transfer

CBOT wheat 656.00 4.00 0.61 640.50 2.42

CBOT corn 537.25 1.25 0.23 484.00 11.00

CBOT soy 1297.75 6.00 0.46 1311.00 -1.01

Paris wheat Sep 203.75 -0.75 -0.37 192.50 5.84

Paris maize Jun 238.00 -3.50 -1.45 219.00 8.68

Paris rape Aug 510.00 4.75 0.94 418.25 21.94

WTI crude oil 73.18 -0.12 -0.16 48.52 50.82

Euro/dlr 1.19 0.00 0.09 1.2100 -1.31

Most lively contracts – Wheat, corn and soy US cents/bushel, Paris

futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Colin Packham in Australia; Modifying by

Amy Caren Daniel and David Evans)