Chicago grain futures edged higher on Friday but were poised for weekly losses, despite some support from concerns about soybean supply from top producer Argentina amid dry weather conditions and concern about Ukrainian corn and wheat supplies.
After optimism in the past weeks uncertainty that the Black Sea Initiative that facilitates Ukrainian grain exports would be renewed later this month, uncertainty has risen in recent days amid strong comments from Russia. The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% at $15.13-3/4 a bushel as of 1148 GMT.
Wheat gained 0.2% at $7.14 a bushel, while corn rose 0.2% at $6.34-3/4 a bushel.
For the week so far, soybeans were down 0.4%, corn dropped about 2.3% and wheat lost 1.1%.
With the slow crush pace out of Argentina, it may take a little more time for Brazil and the U.S. meal to ease the tightness concerns for the global meal market, commodities research firm Hightower said in a note. The Buenos Aires grains exchange said on Thursday it planned to cut its estimate for Argentina's soybean crop for the 2022/23 cycle for the fourth time as the country struggled with the impact of drought and high temperatures. Ukraine sees no need to limit wheat exports for the upcoming 2023/24 July-June season, as the winter harvest looks to be larger than expected, albeit smaller than in peacetime, a top agriculture ministry official said on Thursday. Iranian state agency Government Trading Corporation (GTC) was believed to have purchased Russian-origin milling wheat in a tender that closed on Wednesday, European traders said on Thursday. The U.S. Department of Agriculture is scheduled to release the March crop supply-demand report, which will estimate 2022-23 U.S.-ending stocks for wheat, corn and soybeans, on Wednesday, March 8, at 12 p.m. EST (1700 GMT). Commodity funds were net buyers of Chicago Board of Trade soybean, wheat, soymeal and soyoil futures contracts and net sellers of CBOT corn on Thursday, traders said. Prices at 1205 GMT
Last Change Pct Move CBOT wheat 714,00 1,25 0,18 CBOT corn 635,00 1,25 0,20 CBOT soy 1515,50 6,25 0,41 Paris wheat 276,75 1,25 0,45 Paris maize 273,00 0,25 0,09 Paris rapeseed 534,00 3,00 0,56 WTI crude oil 77,89 -0,27 -0,35 Euro/dlr 1,0612 0,002 0,151 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Reporting by Matthew Chye; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Louise Heavens)
