Chicago wheat and corn fall as supply pressures persist
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.8% at $5.21 per bushel by 1130 GMT. On Monday, Russia's IKAR consultancy raised its 2025 wheat crop forecast to 85.5 million metric tons from 84.5 million tons, reinforcing expectations that the world's biggest exporter is set for a large harvest despite a disappointing start.
"Russian volumes are now arriving steadily," Argus analysts said in a note. "Although quality remains a concern, local prices are still under pressure." Hopes of progress towards ending the war in Ukraine also weighed on sentiment, said Andrew Whitelaw of agricultural consultants Episode 3. On Monday, U.S. President Donald Trump told Ukraine President Volodymyr Zelenskiy that Washington would help guarantee Ukraine's security in any deal to end Russia's war there, though the next steps remained uncertain.
Both Russia and Ukraine are major grain exporters. CBOT corn slipped 0.9% to $4.02-3/4 a bushel to trade near contract lows from last week. CBOT soybeans inched down 0.1% to $10.40-1/4 a bushel, but remained close to a six-week peak. Corn and soybean markets are focused on results from the Pro Farmer Midwest crop tour for a further steer on harvest prospects, after the U.S. Department of Agriculture surprised traders last Tuesday with a bigger-than-expected corn crop forecast and a smaller than anticipated soybean outlook.
Ohio and South Dakota's corn yield prospects and soybean pod counts are higher than both last year and the three-year average, according to scouts on the first day of the annual Pro Farmer tour on Monday.
A weekly report from the USDA on Monday also indicated favourable conditions. Corn good/excellent ratings dipped slightly over the past week but remained at their strongest since 2016, while soybean ratings were steady.
Prices at 1130 GMT Last Change Pct Move CBOT wheat 521.00 -4.00 -0.76 CBOT corn 402.75 -3.75 -0.92 CBOT soy 1040.25 -1.00 -0.10 Paris wheat 194.25 -2.00 -1.02 Paris maize 186.50 -0.75 -0.40 Paris rapeseed 472.50 -2.50 -0.53 WTI crude oil 62.63 -0.79 -1.25 Euro/dlr 1.17 0.00 0.19 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton
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