Wheat output extends gains over concerns; Corn, soybean comfort

Article content

MUMBAI – U.S. wheat futures on Tuesday boosted gains from a slowdown in spring wheat planting and raised concerns about winter crop yields in the U.S., while soybeans and maize fell amid falling crude oil prices.

* Chicago Board of Trade (CBOT) most active wheat contract rose 0.63% to .9 11.97-1 / 4 per bushel, 0202 GMT.

* Maize fell 0.35% to 8 7.83-1 / 2 bushel and soybean fell 0.28% to .8 16.82-1 / 4 per bushel.


* The United States Department of Agriculture (USDA) says spring wheat seed sowing is 49% complete by Sunday, the lowest among trade estimates and well above the five-year average of 83%. For winter wheat, the USDA rated 28% of the crop from good to excellent, 1 percentage point higher than the previous week.

Article content

* USDA says farmers have planted 72% of their intended maize acre, up from an average of 68% in a Reuters analyst survey.

* Soybean planting 50% completed by Sunday, USDA says, up from 30% a week ago. The figure was ahead of the average analyst’s estimate of 49%, but lagged behind the five-year average of 55%.

* European Union Crop Monitoring Service MARS on Monday cut the EU’s average soft wheat yield forecast to 5.89 tonnes per hectare (t / ha) from last month’s estimate of 5.95 tonnes / ha, now 2.5% below the 2021 level.

Market news

* Oil prices fell in early trade due to concerns about a potential recession and poor use, exceeding expectations of tougher global supplies.

* Asian stocks tumbled as relief in a rally on Wall Street after a sharp slide in U.S. stock futures, while the euro held close to a one-month high as the ECB narrowed the possibility of a July rate hike. (Reporting by Rajendra Yadav; Editing by Sherry Jacob-Phillips)

Leave a Reply

Your email address will not be published.