SINGAPORE, March 30 (Reuters) – Chicago wheat slid for
the first time in five sessions on Thursday, although losses
were limited by concerns over supplies from Russia as global
grain trader Cargill said it would no longer handle the
country’s grain at its export terminal.
Soybeans and corn lost ground.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) fell 0.4% to $7.01-3/4 a bushel, as of 0048
GMT. Soybeans lost 0.1% to $14.75-1/4 a bushel and corn
fell 0.2% to $6.49-1/4 a bushel.
* Cargill Inc said on Wednesday it would take a further step
back from the Russian market by no longer handling the top wheat
supplier’s grain at its export terminal from July, although its
shipping unit will continue to carry grain from the country’s
ports.
* Russian exports could also be hampered if Moscow was to
recommend a temporary halt in wheat and sunflower exports, as
reported last week by Russian business newspaper Vedomosti.
* Sources later told Reuters that Russia had no plans to
halt wheat exports but wanted exporters to ensure prices paid to
farmers were high enough to cover average production costs.
* However, Ukraine’s grain exports have reached 5.1 million
tonnes so far in March compared to 1.4 million tonnes in March
2022, the agriculture ministry data showed on Wednesday.
* Brazil is poised to supply up to half of the soybeans that
Argentina will import after the worst drought in 100 years
devastated its fields and cut 2023 output nearly in half,
analysts said.
* Argentina, which is expected to reap round 25 million
tonnes this season, may have to import up to 10 million tonnes
of soy, more than double than in previous years, mainly from
Paraguay and Brazil, they said.
* Commodity funds were net buyers of CBOT corn, soybean,
wheat and soyoil futures contracts on Wednesday, and net sellers
of soymeal, traders said.
MARKET NEWS
* Global stocks surged on Wednesday as markets took heart
from greater stability in the banking sector, but most Treasury
yields edged higher as uncertainty lingered and bond investors
gauged the impact of rising rates on economic growth.
DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final March
1200 Germany CPI Prelim YY March
1200 Germany HICP Prelim YY March
1230 US GDP Final Q4
1230 US Initial Jobless Clm Weekly
(Reporting by Naveen Thukral; editing by Uttaresh
Venkateshwaran)
