Soybeans and corn ease with weather risks in focus
Updates at 1152 GMT, changes byline/dateline
PARIS/CANBERRA, Sept 19 (Reuters) -Chicago soybean and corn futures edged down on Thursday as traders assessed dry weather risks in South America and the Black Sea region while waiting for the U.S. harvest to get into full swing.
Both markets reached their highest in almost two weeks on Wednesday, supported by concerns over drought delaying soybean planting in Brazil and cutting corn yields in the Black Sea zone.
Consolidation on Thursday was encouraged by mixed reactions to a U.S. interest rate announcement, in which the Federal Reserve made a large cut but was cautious about the pace of further reductions. MKTS/GLOB
Grain markets were also awaiting weekly U.S. export sales data for a further gauge of overseas demand. USDA/EST
Chicago wheat was lower too, retreating further from three-month highs late last week as competitively priced Black Sea exports offset weather and geopolitical concerns.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.5% at $10.08-1/2 a bushel by 1152 GMT, while CBOT corn Cv1 eased 0.7% to $4.09-3/4 a bushel.
Analysts and traders say drought in top soy producer Brazil won't become alarming unless it stretches into October, and Brazilian crop agency Conab is still projecting a bigger crop than last season's.
Weather charts pointed to continued dryness across Brazil in the week ahead before possible rain in part of the country at the end of September.
Weather fears were also tempered by an assessment from Australia's weather bureau, which said a potential La Nina weather pattern in the coming months will likely be weak and short-lived.
"The briefer and weaker La Nina forecast mutes some of the bullish concerns (for soybeans)," StoneX analyst Bevan Everett said in a note.
"Planting is so early that a small delay doesn't drive acreage losses," he said of Brazil.
With U.S. soy and corn harvests under way and expected to be very large, the markets may face seasonal supply pressure.
CBOT wheat Wv1 slipped 1.4% to $5.68 a bushel.
Wheat markets were unsettled last week by the risk of escalation in Russia's war with Ukraine, as well as adverse weather threatening to trim both this year's harvest and planting for next year's crop in the Black Sea countries.
However, offers reported by traders in a wheat import tender being held by Tunisia suggested Black Sea prices remained well below levels on futures markets.
Prices at 1152 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 568.00 | -7.75 | -1.35 |
CBOT corn Cv1 | 409.75 | -3.00 | -0.73 |
CBOT soy Sv1 | 1008.50 | -5.50 | -0.54 |
Paris wheat BL2Z4 | 215.50 | -3.00 | -1.37 |
Paris maize EMAc1 | 200.00 | -2.00 | -0.99 |
Paris rapeseed COMc1 | 461.25 | -4.50 | -0.97 |
WTI crude oil CLc1 | 71.45 | 0.54 | 0.76 |
Euro/dlr EUR= | 1.12 | 0.00 | 0.34 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Sherry Jacob-Phillips and Devika Syamnath
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