Cyprus: Wheat eases after strong rally, supply worries cap losses

Published Sep 15, 2021

Tridge summary

Chicago wheat futures experienced a slight decline from a near weekly high, despite global supply concerns. Corn prices rose for the second consecutive session, while soybeans rebounded. France's estimate of soft wheat production has been reduced by over 600,000 tonnes due to wet summer weather. Canada's wheat harvest has been damaged by drought conditions, leading to a significant decrease in spring wheat output. Meanwhile, the U.S. Department of Agriculture reported that 12% of the U.S. winter wheat was planted and the corn crop was rated as 58% in good-to-excellent condition. Commodity funds were the net buyers of CBOT corn, wheat, and soyoil futures contracts on Tuesday.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago wheat futures ticked lower on Wednesday, easing from a near one-week high touched in the previous session, although global supply concerns amid strong demand limited the losses. Corn rose for a second session, while soybeans bounced back. “Wheat futures are down but tightness in supplies is supportive in the physical market,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 lost 0.4% to $6.97-3/4 a bushel by 0210 GMT, having closed 2% higher on Tuesday when prices hit a Sept. 9 high of $7.01-1/2 a bushel. Soybeans Sv1 were up 0.3% at $12.86-3/4 a bushel and corn Cv1 added 0.7% to $5.23-3/4 a bushel. France cut its estimate of soft wheat production in the European Union’s biggest grain grower by more than 600,000 tonnes to 36.06 million tonnes, citing wet summer weather. Canada’s drought conditions damaged the wheat harvest even more than it appeared weeks ago, ...

Source: Hellenic Shipping News