FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) rose 0.3% to $6.62-3/4 a bushel, as of 0029
GMT, after hitting its highest since May 8 at $6.64 a bushel.
* Corn fell 0.1% to $5.91-3/4 a bushel and soybeans gave up 0.1% to $14.00 a bushel.
* Wheat prices have been rising on fears of tightening
supplies after the U.S. Department of Agriculture's (USDA) first
official forecast of U.S. 2023-24 all-wheat production, at 1.659
billion bushels, fell below most analyst expectations.
* The harvest of hard red winter wheat in the
drought-stricken Plains would be the smallest since 1957.
* The UN aid chief said on Monday efforts will continue in
coming days to extend a deal allowing the safe Black Sea export
of Ukraine grain, a pact Russia has threatened to quit on May 18
over obstacles to its grain and fertilizer exports.
* Export prices for Russian wheat continued to decline last
week amid low demand and weakening global markets, and stormy
weather affected volumes.
* Prices for Russian wheat with 12.5% protein content,
delivered free on board (FOB) from the Black Sea in June, were
$248 a tonne, down $6 from last week, the IKAR agriculture
consultancy said.
* Corn and soybeans are facing headwinds after the USDA on
Friday projected hefty year-on-year increases in corn and
soybean supplies due to forecasts for record U.S. harvests of
both crops. However, crop prospects will depend on Midwest
weather in the coming months.
* After Monday's market close, the USDA said the U.S. corn
crop was 65% planted and soybean planting was 49% complete, both
slightly behind trade expectations but still ahead of their
respective five-year averages.
* Commodity funds were net buyers of CBOT wheat, corn,
soybean and soyoil futures contracts on Monday and net sellers
of soymeal contracts, traders said. MARKET NEWS
* U.S. stocks slouched to a higher close on Monday, and
benchmark Treasury yields rose amid flickering optimism that
Washington will get past partisan wrangling and reach a debt
ceiling deal. DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY April
0200 China Retail Sales YY April
0200 China Unemp Rate Urban Area April
0600 UK Claimant Count Unem Chng April
0600 UK ILO Unemployment Rate March
0600 UK HMRC Payrolls Change April
0900 EU Total Trade Balance SA March
0900 EU GDP Flash Estimate QQ, YY Q1
0900 Germany ZEW Economic Sentiment May
0900 Germany ZEW Current Conditions May
1230 US Retail Sales MM April
1315 US Industrial Production MM April
(Reporting by Naveen Thukral)
