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Wheat eases after 2-session rally, U

Wheat eases after 2-session rally, U.S. weather in focus

Mon June 19 2017

 

Chicago wheat slid almost 1 percent on Monday as the market took a breather after rallying around 5 percent in the last two sessions on the back of dry weather hitting U.S. yields.

Corn gave up 1.5 percent, while soybean prices were little changed in early Asian trade.

FUNDAMENTALS

·         Chicago wheat climbed to its highest in almost a year at $4.68-1/2 a bushel on Friday as dry weather threatened to reduce U.S. spring wheat crop production.

·         Reports of disappointing yields in early harvesting of the hard red winter wheat provided additional support.

·         Forecaster Commodity Weather Group said that the rain outlook was still very limited in the western Dakotas and Montana during the next two weeks, which will hinder development of spring wheat in those areas.

·         Concerns about crops in the Black Sea region buoyed wheat prices. Wheat exports from Russia, Ukraine and Kazakhstan were expected to fall 3.3 percent to 50.4 million tonnes in the upcoming season, which starts on July 1, according to a Reuters poll. Production was also seen falling.

·         The monthly U.S. National Oilseed Processors Association report released on Thursday, which showed crushings well above analyst forecasts, was still adding strength to the soybean market.

·         Large speculators trimmed their net short position in Chicago Board of Trade corn futures in the week to June 13, regulatory data released on Friday showed.

·         The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat

 

 

Source: http://in.reuters.com/article/global-grains-idINL3N1JG14A

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