Wheat dips after rally, lower US crop ratings to support prices

GLOBAL-GRAINS/:GRAINS-Wheat dips after rally, lower US crop ratings to support prices

Reuters
First Published21 May 2024
Wheat dips after rally, lower US crop ratings to support prices
Wheat dips after rally, lower US crop ratings to support prices

SINGORE, - Chicago wheat futures eased on Tuesday, with the market taking a breather after climbing almost 6% in the last session on support from lower U.S. winter crop ratings and frost damage in Russia.

Soybeans and corn fell as U.S. planting rapidly advanced.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade fell 0.5% to $6.85-1/2 a bushel, as of 0010 GMT, after gaining 6% on Monday. Soybeans lost 0.2% to 12.45-1/4 a bushel and corn dropped 0.4% to $4.58-1/2 a bushel.

* The U.S. Department of Agriculture lowered its U.S. winter wheat crop condition rating to 49% good to excellent in a weekly crop progress report on Monday, down 1 point from a week ago and 2 points below the average estimate gathered by Reuters from 14 analysts.

* The crop's condition was still the highest for this time of year since 2020, USDA data showed

* Russian wheat export prices rose even more sharply last week than the week before, as crop damage from May frosts led to further cuts in forecasts for this year's harvest.

* The price of 12.5% protein Russian wheat scheduled for free-on-board delivery in June was $239 per metric ton, up from $221 per ton the previous week, according to the IKAR consultancy.

* Severe frosts across northern and eastern Ukraine could also reduce grain and oilseed harvests, analyst K-Inform warned.

* In Australia, dry weather in western and southern parts of the country is threatening to shrink crops, with canola output likely to drop this year, but ample rainfall in eastern states is expected to boost overall wheat output, analysts said.

* The USDA said 70% of the U.S. corn crop was planted as of Sunday, up from 49% a week earlier and 2 points higher than the average trade estimate of 68% complete. Farmers have also finished planting 52% of their soybean crop, the agency said, up from 35% done a week ago and 3 points above the average analyst estimate.

* Commodity funds were net buyers of CBOT wheat, corn, soybean, soymeal and soyoil futures contracts on Monday, traders said.

MARKET NEWS

* The Nasdaq closed at a record high on Monday and gold jumped to an all-time high as investors weighed hawkish statements from the Federal Reserve against evidence of cooling U.S. inflation.

DATA/EVENTS 0900 EU Total Trade Balance SA March

This article was generated from an automated news agency feed without modifications to text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsworldWheat dips after rally, lower US crop ratings to support prices

Most Active Stocks

Tata Steel

179.85
10:29 AM | 21 JUN 2024
-2.5 (-1.37%)

Bharat Electronics

305.00
10:27 AM | 21 JUN 2024
-7.05 (-2.26%)

ITC

419.60
10:28 AM | 21 JUN 2024
-3.75 (-0.89%)

Vedanta

469.95
10:29 AM | 21 JUN 2024
-0.3 (-0.06%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Railtel Corporation Of India

476.20
10:27 AM | 21 JUN 2024
41.8 (9.62%)

Titagarh Rail Systems

1,584.25
10:29 AM | 21 JUN 2024
89.05 (5.96%)

Rail Vikas Nigam

409.70
10:28 AM | 21 JUN 2024
22.35 (5.77%)

Honasa Consumer

449.85
10:26 AM | 21 JUN 2024
23.5 (5.51%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,533.000.00
    Chennai
    74,110.000.00
    Delhi
    73,894.000.00
    Kolkata
    73,533.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.98/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App