Wheat dropped to its lowest since September 2021 earlier this week on optimism that the Black Sea grain initiative that facilitates the export of Ukraine's agricultural products from its southern ports would be renewed later this month. However, concern has risen after Russian government comments in the past days.
Russian Foreign Minister Sergei Lavrov on Thursday accused the West of "shamelessly burying" the deal, the RIA Novosti news agency reported. His ministry had already said on Wednesday that Russia, one of the world's largest wheat exporters, would only agree to extend the deal if the interests of its own agricultural producers are taken into account. Meanwhile, Australia's 2023/24 wheat crop is likely to be around 25 million-26 million tonnes, a senior executive at Graincorp Ltd said on Thursday, after three years of record production in the world's second-largest exporter of the grain. Feed millers in Asia are boosting corn purchases from India, as a severe drought has reduced production in traditional supplier Argentina, two traders said on Thursday. CBOT soybeans rose 0.3% to $14.99 a bushel. The U.S. Department of Agriculture may further lower its forecast for Argentina's production, which will likely provide support to U.S. soybean prices, analysts at Huatai Futures in China said in a note. Commodity funds were net buyers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Wednesday, traders said. Prices at 1148 GMT
Last Change Pct Move CBOT wheat 716,50 6,50 0,92 CBOT corn 640,75 5,00 0,79 CBOT soy 1499,00 4,75 0,32 Paris wheat 276,50 4,00 1,47 Paris maize 274,25 2,75 1,01 Paris rapeseed 531,25 2,75 0,52 WTI crude oil 78,23 0,54 0,70 Euro/dlr 1,0627 -0,004 -0,356 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Enrico Dela Cruz in Manila and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Kirsten Donovan)
