Chicago grains regain ground as dollar eases

Chicago grains regain ground as dollar eases
Chicago grains regain ground as dollar eases
--
GRAINS-Chicago grains regain ground as dollar eases

Updates at 1224 GMT, changes dateline

PARIS/CANBERRA, April 3 (Reuters) Chicago wheat, corn and soybean futures edged up on Wednesday as an easing US dollar and fresh gains in crude oil encouraged grain prices to steady after losses this week.

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1.1% at $5.51-1/4 a bushel by 1224 GMT, recovering from a one-week low.

CBOT soybeans Sv1 were up 0.3% at $11.77 a bushel and corn Cv1 added 0.5% to $4.28-3/4 a bushel.

Soybeans and corn have each struck near four-week lows since Tuesday.

A fall in the dollar index .DXY from a 4-1/2 month high lent some support to US grain prices, which have faced stiff export competition from cheaper South American and Black Sea supplies.

A continuing rally in crude oil LCOc1 linked to geopolitical concerns also underpinned corn and soybeans, which are partly used for biofuels.

“In macroeconomic terms, crude oil is the main focus,” consultancy Agritel said. “In addition to the deterioration in Russia’s oil infrastructure, tensions in the Middle East are now mounting. O/R

Grain markets were still being curbed by ample global supplies and favorable harvest prospects in several major production zones.

The US Department of Agriculture (USDA) on Monday rated the US winter wheat crop at its highest early spring level in five years and crop-boosting rains are forecast for the southern US Plains wheat belt.

In Russia, hefty wheat exports, which consultancy SovEcon estimates set a March record of 4.9 million tons last month, are weighing on the market and a large stockpile was limiting concern so far about recent dry weather for crops there.

“It’s hard to see a bullish picture for wheat,” said Commonwealth Bank analyst Dennis Voznesenski. “Farmers all around the world have a lot of grain on farm and we’re not even at mid-year harvest.”

Wheat investors are also monitoring India. The authorities there have asked global and domestic trade houses to avoid buying new-season wheat from local farmers to help the government-backed Food Corporation of India (FCI) procure grain to shore up its depleting reserves, sources said.

Prices at 1224 GMT

Last

Change

PC Move

CBOT wheat Wv1

551.25

6.00

1.10

CBOT corn Cv1

428.75

2.25

0.53

CBOT soy Sv1

1177.00

3.00

0.26

Paris wheat BL2c1

203.00

1.25

0.62

Paris maize EMAc1

193.75

1.00

0.52

Paris rapeseed COMc1

452.25

6.50

1.46

WTI crude oil CLc1

85.88

0.73

0.86

Euro/dlr EUR=

1.08

0.00

0.09

Most active contracts – Wheat. corn and soy US

cents/bushel. Paris futures in euros per tonne

Reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Stephen Coates, Rashmi Aich and Emelia Sithole-Matarise

The article is in Dutch

Tags: Chicago grains regain ground dollar eases

-

PREV BLIND FRAGE. “She said sex with ‘the other one’ was better”: even after she has been dead for a while, Yves (57) continues to hit on his wife Erika (48) | Murders in blind frenzy
NEXT US Dollar, Gold, Euro, Oil, Bitcoin, Yen, Equities Outlooks