Wheat jumps over 2% as market recovers from near 5-month low
SINGAPORE, July 7 (Reuters) - Chicago wheat futures rose more than 2% on Thursday, with prices climbing for the first time in six sessions, supported by bargain-buying and concerns over lower Black Sea supplies.
Corn and soybeans gained more than 1%.
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 2.3% to $8.23 a bushel, as of 0039 GMT, after dropping to its lowest since Feb. 17 at $7.85 a bushel on Wednesday.
* Corn Cv1 rose 1.5% to $5.93-1/4 a bushel and soybeans Sv1 gained 1.3% at $13.40-1/2 a bushel.
* French consultancy Agritel expects war-hit Ukraine to harvest 21.8 million tonnes of wheat this summer compared to a record 32.2 million collected last year, it said on Wednesday.
* The estimate for the 2022/23 season was based on an expected harvested area of 5.8 million hectares, down from 6.7 million hectares initially sown by farmers, said Agritel, which is part of commodity pricing group Argus.
* For corn and soybeans, traders are also keeping an eye on U.S. crop weather. The U.S. Department of Agriculture, in a daily weather report, said rain showers and thunderstorms from Nebraska to Ohio were greatly benefiting fields.
* The agency, in a separate weekly report issued on Tuesday, rated 64% of the corn crop as good to excellent as of Sunday, down 3 percentage points from the previous week. Analysts surveyed by Reuters on average had expected a two-point decline.
* Commodity funds were net sellers of CBOT wheat and soyoil futures contracts on Wednesday, and net buyers of corn, soybeans and soymeal futures, traders said. COMFUND/CBT
* Wall Street ticked upward while oil continued to slide on Wednesday as investors juggled concerns over inflation versus a recession after Federal Reserve minutes showed officials rallied around a large rate hike at their June meeting.
DATA/EVENTS (GMT) 0130 Australia Trade Balance G&S
May 0600 UK
Halifax House Prices MM June 0600 Germany
Industrial Output MM
May 0645 France
Reserve Assets Total
June 1230 US
May 1230 US
Initial Jobless Clm
Reporting by Naveen Thukral; Editing by Rashmi Aich
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.