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Crop-friendly weather across U.S., Russia, parts of Europe
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Eyes on talks on Black Sea grain export deal
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U.S. corn, soybean planting progress weighs on prices
(Updates prices, adds details on Ukraine grain deal)
By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, May 3 (Reuters) - Chicago wheat slid
for a third consecutive session on Wednesday to its lowest in 25
months as rains in the U.S. winter wheat-growing areas and
favourable weather in other northern hemisphere suppliers
boosted expectations of abundant supplies.
Corn and soybeans also fell as rapidly progressing U.S.
planting weighed on prices.
"On top of the bearish weather situation for the northern
hemisphere, talks on UN-brokered deal that allow the safe Black
Sea export of Ukrainian grain is scheduled for Wednesday,"
commodities research firm Hightower said in a report.
"All sides in negotiations involved are expected to attend."
The most-active wheat contract on the Chicago Board of Trade
(CBOT) lost 0.9% to $6.04 a bushel, as of 1110 GMT, after
dropping to its lowest since April 2021 at $6.03-3/4 a bushel
earlier in the session.
Corn fell 1.6% to $5.70-1/2 a bushel and soybeans gave up 0.8% to $13.99-3/4 a bushel.
Favourable weather conditions across top suppliers - the
United States, Russia and Europe - are driving hopes of ample
supplies in the second half of 2023.
The U.S. winter wheat crop rating as of Sunday was up 2
points from the prior week at 28% "good to excellent", according
to the U.S. Department of Agriculture (USDA).
The wheat market is awaiting news on the extension of the
Black Sea grain export deal.
Talks between Russia and the United Nations on the
U.N.-brokered deal on safe Black Sea export of Ukrainian grain
are scheduled for May 5, Russian Foreign Ministry spokeswoman
Maria Zakharova said on Wednesday.
Separately, the Kremlin said Russia would not do anything to
harm its own interests.
Meanwhile, Ukraine's
grain exports could fall to around 26 million tonnes in the 2023/24 season as harvest has sunk, largely due to Russia's invasion, a senior ministry official said. In the corn market, the USDA said planting was 26% complete as of Sunday, just below the average analyst estimate of 27% and matching the five-year average. U.S. soybean planting was 19% complete, ahead of the average analyst estimate of 17% and the five-year average of 11%. Commodity funds were net sellers of CBOT grain and soy futures contracts on Tuesday, traders said. Prices at 1110 GMT
Last Change Pct
Move
CBOT wheat 604.00 -5.25 -0.86
CBOT corn 570.50 -9.50 -1.64
CBOT soy 1399.75 -11.00 -0.78
Paris wheat 229.00 -3.75 -1.61
Paris maize 223.75 -4.00 -1.76
Paris rapeseed 432.00 -9.00 -2.04
WTI crude oil 69.32 -2.34 -3.27
Euro/dlr 1.1036 0.004 0.336
Most active contracts - Wheat, corn and soy US
cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips,
Sohini Goswami and Eileen Soreng)
