Wednesday, October 27

Wheat extends gains to second session on global demand


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CANBERRA — US wheat futures edged higher on Thursday for a second straight session as strong global demand underpinned prices.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.2% at $7.47-1/4 a bushel by 1000 GMT, having closed up 0.2% on Wednesday.

* The most active soybean futures were up 0.2% at $12.44-3/4 a bushel, having closed down 0.7% on Wednesday.

* The most active corn futures were up 0.2% at $5.33-1/2 a bushel, having closed down 1% in the previous session.

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* Egypt’s state grains buyer, the General Authority for Supply Commodities, said it bought 180,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat in an international tender. No US supplies were offered in the tender.

* Soft wheat exports from the European Union in the 2021/22 season that started in July had reached 8.07 million tonnes by Oct. 3, up from 5.56 million tonnes by the same week in 2020/21.

* In Ukraine, the agriculture ministry lowered its forecast for the 2021 grain harvest to 80.25 million tonnes from 80.63 million, ministry data showed on Wednesday.

MARKET NEWS

* The dollar climbed across the board on Wednesday, as surging energy prices fueled concerns about inflation and interest rate hikes, knocking investors’ appetite for riskier assets and driving flows to safe-havens.

* Oil prices dropped for a second session on Thursday, under pressure from an unexpected rise in US crude stocks that raised concerns over demand after prices rallied to multi-year highs.

* Soaring energy prices retreated and stocks on Wall Street rebounded on Wednesday after the top US Senate Republican backed an extension of the US debt ceiling and Russia calmed volatile natural gas markets in Europe.

(Reporting by Colin Packham; Editing by Subhranshu Sahu)



financialpost.com

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