Wheat bounces back on positioning ahead of USDA report

GLOBAL-GRAINS/ (UPDATE 2):GRAINS-Wheat bounces back on positioning ahead of USDA report

Reuters
First Published26 Jun 2024, 11:15 PM IST
Wheat bounces back on positioning ahead of USDA report
Wheat bounces back on positioning ahead of USDA report

*

Wheat rises after reaching 15-week low on bargain buying, positioning ahead of USDA report

*

U.S. harvest pressure, Russia rains weigh on wheat futures

*

U.S. Midwest weather key for direction in corn, beans

(Recasts throughout; updates analyst quotes, prices, byline; changes dateline from Singapore/Paris)

By Renee Hickman

CHICAGO, June 26 (Reuters) -

Chicago Board of Trade (CBOT) wheat bounced back on Wednesday, with the market recovering from a more than two-month low with bargain buying and positioning ahead of the U.S. Department of Agriculture's acreage report.

The most-active corn and soybean contracts edged down as the market assessed the impact of floods on crops in the U.S. Midwest.

Analysts said traders were positioning ahead of the release of USDA data due Friday.

"I think you've got a little bit of short covering, but also sort of a reluctance to sell terribly aggressively in front of one the biggest USDA reports of the year on Friday," said Ted Seifried, chief market strategist at the Zaner Group.

Bill Lapp, founder and president of Advanced Economic Solutions also said fund positioning ahead of the report was primarily responsible for the Wednesday's price movements.

Meanwhile traders continued to weigh the impacts of flooding and extreme heat in top corn and soybean growing areas of the central U.S., and the degree to which excess moisture might destroy crops or mitigate the effects of the heatwave.

The most-active wheat contract on the Chicago Board of Trade added 1/2 cent to $5.61 a bushel, as of 12:21 P.M. CDT (1715 GMT).

Corn fell 4 cents to $4.39 a bushel and soybeans lost 2-3/4 at $11.08-3/4 a bushel.

The wheat market recovered after tumbling earlier in the week as a rapidly advancing U.S. harvest showed good yields and weather stabilized in Russia and the Black Sea.

Statistics Canada is also scheduled to release its estimates of Canadian crop plantings on Thursday.

A heatwave forecast to spread throughout Europe this week is set to take a heavy toll on summer crops in the southeast, but it is good news for farmers on the other side of the region after prolonged rains flooded fields and hampered plants' growth, analysts said. (Reporting by Renee Hickman in Chicago; Additional reporting by Naveen Thukral and Sybille de La Hamaide; Editing by Aurora Ellis)

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:26 Jun 2024, 11:15 PM IST
HomeCompaniesNewsWheat bounces back on positioning ahead of USDA report

Most Active Stocks

Indian Oil Corporation

166.90
03:58 PM | 12 JUL 2024
-7.6 (-4.36%)

Tata Steel

168.70
03:58 PM | 12 JUL 2024
-0.3 (-0.18%)

Bharat Electronics

333.30
03:59 PM | 12 JUL 2024
-2.25 (-0.67%)

Wipro

560.05
03:56 PM | 12 JUL 2024
25.7 (4.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

KPIT Technologies

1,864.00
03:57 PM | 12 JUL 2024
154.25 (9.02%)

Inox Wind

171.90
03:59 PM | 12 JUL 2024
13.85 (8.76%)

Zensar Technologies

768.20
03:29 PM | 12 JUL 2024
50.45 (7.03%)

Coforge

5,950.05
03:29 PM | 12 JUL 2024
386.65 (6.95%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,087.00382.00
    Chennai
    73,942.00-780.00
    Delhi
    74,014.00309.00
    Kolkata
    74,377.00-345.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.85/L0.10
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts