U.S. futures little changed as investors focus on central bank meetings
Jan 31 (Reuters) -U.S. wheat, soybean and corn futures were little changed in early Asian trading on Tuesday as caution prevailed across markets ahead of a slew of central bank policy meetings this week, including the U.S. Federal Reserve.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade Sv1 was virtually flat at $15.35 a bushel, as of 0237 GMT. Wheat Wv1 was almost steady at $7.52-1/4 a bushel, while corn Cv1 slipped 0.1% to $6.83 a bushel.
* Investors broadly expect the Fed to raise interest rates by 25 basis points on Wednesday, while both the Bank of England and the European Central Bank are likely to increase their rates by 50 bps on Thursday.
* Brazilian farmers had harvested 5% of the planted soybean area in the 2022/23 cycle through last Thursday, agribusiness consultancy AgRural said on Monday, up 3 percentage points from the previous week but still below last year's levels.
* Wheat prices in India, the world's biggest consumer of the grain after China, have dropped nearly 13% from record highs since a government offer last week of 3 million tonnes to bulk consumers such as flour millers.
* The expectation of large Brazilian corn exports to China in 2023 is worrying Brazil's meat companies in a large producing state, according to a statement from Santa Catarina's meat processors lobby Sindicarne.
* Ukraine's grain harvest is likely to fall to 35 million tonnes to 40 million tonnes in 2023, including 12 million-15 million tonnes of wheat and 15 million-17 million tonnes of corn, a senior analyst and producer said.
* Commodity funds were net buyers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Monday, traders said. COMFUND/CBT
MARKET NEWS
* Asian shares traded cautiously and bonds nursed small losses as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data. MKTS/GLOB
DATA/EVENTS (GMT)
0030 Australia Retail Sales MM Final Dec
0130 China NBS Manufacturing PMI Jan
0630 France GDP Preliminary Q4
0745 France CPI (EU Norm) Prelim YY Jan
0745 France Producer Prices YY Dec
0855 Germany Unemployment Chg SA Jan
0855 Germany Unemployment Rate SA Jan
0100 EU GDP Flash Prelim Q4
0900 Germany CPI Prelim YY Jan
0900 Germany HICP Prelim YY Jan
U.S. Federal Reserve's FOMC starts its two-day meeting on interest rates
Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu
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