SINGAPORE — Chicago corn futures lost more ground on Tuesday and soybeans fell, with prices of both commodities coming under pressure from the rapidly progressing US harvest.
Wheat was largely unchanged as the market closely monitored developments to keep the Black Sea shipping lane open for Ukraine grain exports.
* The most-active corn contract Chicago Board of Trade (CBOT) fell 0.2% to $6.82-1/2 a bushel, as of 0024 GMT. Soybeans gave up 0.2% to $13.82-1/4 a bushel and wheat was unchanged at $8.61 a bushel.
* A US Department of Agriculture (USDA) report on Monday showed that corn harvest was 45% complete as of Oct. 16, slightly below market forecasts but ahead of the five-year average for mid-October of 40%.
* The US soybean harvest was 63% complete as compared with 44% a week ago and above the five-year pace of 52%.
* Traders in the wheat market are closely watching development in the Black Sea region for a price direction. On Monday, prices rose after Russia told a United Nations representative that the extension of a Black Sea grain deal was dependent on the West easing restrictions on Russia’s own agricultural and fertilizer exports.
* But the wheat market gave up most of those gains when UN spokesman Stephane Dujarric said officials held “positive and constructive” discussions in Moscow on expanding the deal.
* Russian kamikaze drones hit tanks with sunflower oil at one of the terminals in the Ukrainian port city of Mykolaiv late on Sunday, the city mayor said on Monday.
* The wheat market is likely to be supported by dry weather in US growing regions.
* With planting roughly halfway complete, the 2023 US hard red winter wheat crop is already being hobbled by drought in the heart of the southern Plains.
* The drought threatens Kansas, the top winter wheat growing state, and Oklahoma in two ways: discouraging farmers who have not yet planted from trying, while threatening crops already in the ground from developing properly.
* Commodity funds were net buyers of CBOT wheat and soyoil futures contracts on Monday, traders said. The funds were net sellers of corn and net even in soybeans and soymeal futures.
* Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite and boosted the sterling and euro against the greenback.
DATA/EVENTS (GMT) 0900 Germany ZEW Economic Sentiment Oct 0900 Germany ZEW Current Conditions Oct 1315 US Industrial Production MM Sept (Reporting by Naveen Thukral; editing by Uttaresh.V)