2022-06-17 오후 8:40:53
Updates with European trading, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, June 17 (Reuters) - Chicago corn futures extended gains on Friday to reach a one-month high as hot weather in the U.S. Midwest raised concern about crop prospects.
Soybeans also found support from weather forecasts suggesting high temperatures could continue in the Midwest into early July.
Wheat edged lower as traders weighed hot spells in U.S. and European growing belts that may hurt some fields but speed harvesting of mature crops.
A sharp rise in the dollar .DXY, as financial markets remained volatile in the wake of central bank steps to counter spiralling inflation, curbed gains in U.S. crop futures.
But the hot weather was encouraging some short-covering before a three-day U.S. market closure for Monday's Juneteenth holiday.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.8% at $7.94-1/2 a bushel by 1128 GMT, after earlier touching its highest since May 18 at $7.97-3/4.
CBOT soybeans Sv1 added 0.5% to $17.17-1/2 a bushel while wheat Wv1 eased 0.5% to $10.72-1/2 a bushel.
After traders initially saw warm weather as a boost to spring crops planted in wet, cold conditions, forecasts projecting hotter than normal temperatures for the rest of the month has raised doubts about key summer growth stages. (Full Story)
"Weather forecasters expect a hot and dry spell in the U.S. Midwest that will deplete topsoil moisture in significant segments of that region," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
"So crops will thereafter be more reliant on regular rain. Growers being forced to plant crops relatively late is part of the issue."
Crop prospects in the United States have taken on extra significance this year as war in Ukraine has disrupted massive grain flows through the Black Sea.
France's president saw little chance of a diplomatic agreement with Russia to allow Ukrainian grain exports by sea from the port of Odesa, but said there were talks to regenerate rail routes linking Odesa to the Danube in Romania. (Full Story) (Full Story)
A heatwave in France and Spain may further stress wheat crops after a dry spring though an expected easing in temperature and showers this month should avert large crop losses, analysts and growers said. (Full Story)
Prices at 1128 GMT | |||||
Last | Change | Pct Move | End 2021 | Ytd Pct Move | |
CBOT wheat Wv1 | 1072.50 | -5.75 | -0.53 | 770.75 | 39.15 |
CBOT corn Cv1 | 794.50 | 6.25 | 0.79 | 593.25 | 33.92 |
CBOT soy Sv1 | 1717.50 | 8.00 | 0.47 | 1339.25 | 28.24 |
Paris wheat BL2c1 | 396.50 | -1.25 | -0.31 | 276.75 | 43.27 |
Paris maize EMAc1 | 340.00 | 0.50 | 0.15 | 226.00 | 50.44 |
Paris rape COMc1 | 769.00 | 11.25 | 1.48 | 754.00 | 1.99 |
WTI crude oil CLc1 | 117.18 | -0.41 | -0.35 | 75.21 | 55.80 |
Euro/dlr EUR= | 1.05 | 0.00 | -0.36 | 1.1368 | -7.56 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne | |||||
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Rashmi Aich and Jason Neely)
(( gus.trompiz@thomsonreuters.com ; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net ))
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Keywords: GLOBAL-GRAINS/ (UPDATE 1)