Wheat companies after deep losses, but abundant global supply hit the ceiling

content

SINGAPORE — Chicago wheat futures edged higher on Thursday with the market recovering from its weakest in 21 months, although ample world supplies limited upside potential.

Corn rose after falling to a multi-month low in the previous session.

content

BASIC

* The most heavily traded wheat contract on the Chicago Mercantile Exchange (CBOT) was up 0.4 percent at $6.44-1/4 a bushel at 0013 GMT, after falling to its lowest level since from July 2021 at $6.41 per bushel on Wednesday.

* Corn rose 0.2 percent to 6.02-1/4 bushel and soybeans rose 1/4 cent to $14.15 per bushel.

content

* Canadian farmers plan to plant 27 million acres (10.9 million hectares) of wheat, the most in 22 years, a government report says.

* Soft wheat exports from the European Union for the 2022/23 crop year beginning in July reached 25.02 million tons as of April 22, up 10% from 22.81 million tons a year earlier, data released by the European Commission on Wednesday showed.

*Wheat is also pressured by rain forecasts for much of the U.S. Plains this week and next. Moisture can help hardy red winter plants affected by drought, although it may be too late to significantly improve yield prospects.

* Abundant global supply is likely to cushion the impact of lower Ukraine exports.

* Russia’s special envoy to the United Nations in Geneva said on Wednesday that “no real progress” has been made in resolving issues raised by Moscow regarding the Black Sea grain deal, capital will expire next month.

content

* Ukraine alone accused Russia of blocking the passage of four grain ships from Black Sea ports.

* Nearby corn and soybean futures will likely be guided by US planting progress.

* Commodity funds were net sellers of CBOT corn, wheat, soybean and soybean meal futures on Wednesday, traders said. Funds were net buyers of soybean oil futures contracts.

MARKET NEWS

* US stocks were mixed on Wednesday as tech strength boosted Nasdaq, while weak economic data and the ongoing controversy in Washington over the debt ceiling weighed on cycles and the dollar.

DATA/EVENTS (GMT) 0900 EU Consumer Confidence. End of April 1230 US GDP growth Q1 1230 Weekly US Initial Unemployment Clm (Report by Naveen Thukral; Editing by Sherry Jacob-Phillips)