U.S. soybeans fall; corn rises; wheat eases as Ukraine trade watched

By Mark Weinraub

CHICAGO, Aug 5 (Reuters) - U.S. soybean futures fell on Friday for the fourth session of the last five, pressured by forecasts for spotty Midwest rains that could boost the health of it crop as it passes through key development periods, traders said.

"Last year taught us that crops can survive (and even thrive) on minimal, just-in-time rains," Matt Zeller, director of market information at brokerage StoneX said in a note to clients.

Corn futures firmed on technical buying while wheat slipped as traders monitored the progress of exports from Black Sea ports in war-torn Ukraine.

Chicago Board of Trade November soybean futures SX2 settled down 9 cents at $14.08-3/4 a bushel.

Private analytics firm IHS Markit Agribusiness forecast 2022 soybean production of 4.530 billion bushels, with an average yield of 51.8 bushels per acre. Both the yield and production forecasts were bigger than the U.S. Agriculture Department's July estimates.

Signs of renewed import demand this week helped limit losses, traders said.

Private exporters reported the sale of 132,000 tonnes of soybeans to China and 132,000 tonnes of soybeans to unknown destinations, the U.S. Agriculture Department said on Friday morning.

CBOT December corn CZ2 settled 3-3/4 cents higher at $6.10 a bushel. The contract found support from overnight weakness at its 20-day moving average.

Three ships carrying a total of 58,041 tonnes of corn have been authorised to leave Ukrainian ports on Friday as part of a deal to unblock grain exports.

CBOT September soft red winter wheat WU2 was down 6-3/4 cents at $7.75-3/4 a bushel.

Wheat hit a six-month low earlier this week as the resumption of Ukrainian maritime trade weighed on prices.

Ukraine could start exporting wheat from this year's harvest from its sea ports in September under a landmark deal brokered by Turkey and the United Nations, Ukraine's first deputy minister of agriculture said.
Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Marguerita Choy

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.