Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wheat, corn, soy consolidate after earlier gains

09/17/2021 | 12:51pm EDT

* Wheat off one-week high after global harvest worries

* Corn and soybeans ease after two-week tops

* Market awaits U.S. corn crop, eyes Chinese soy demand

CHICAGO, Sept 17 (Reuters) - Chicago soybeans, corn and wheat eased on Friday as the markets consolidated after earlier gains, pressured by a progressing American harvest and limited exports at hurricane-damaged U.S. Gulf export terminals.

The most-active soybean futures on the Chicago Board of Trade fell 11-1/2 cents to $12.84-1/2 a bushel, as of 11:40 a.m. (1640 GMT), erasing earlier weekly gains.

CBOT corn futures lost 3-1/2 cents to $5.26 a bushel while wheat futures eased 4 cents to $7.09 a bushel, poised for a 3% weekly gain.

Soybeans led the complex, falling as favorable weather indicates strong harvest progress through the weekend, while exports remain capped by terminals in the U.S. Gulf that continue to struggle with power outages and hurricane damage as the country heads into its busiest export season.

"The export picture is not favorable right now, until we get those exports at the gulf moving up," said Mike Zuzolo, president of Global Commodity Analytics. "It's a very crucial two weeks, because it's our prime selling."

Wheat offered support, unaffected by harvest pressure, though Australia's second consecutive bumper crop nears harvest, which could ease tight global supplies.

Attention shifted to supply risks this week after a lower-than-expected official estimate of Canada's drought-affected harvest, as well as reduced estimates of French and European Union crops and expectations for a fall in winter wheat sowings in Russia.

"We've already seen considerable strength," said Arlan Suderman, chief commodities economist at StoneX. "Wheat is taking the opportunity to do a little profit-taking of its own."

Corn losses were limited as harvest yields in parts of the Eastern corn belt have lagged expectation, Suderman added.

"That was the region we were counting on to make up for losses in the Northwestern belt, where drought was a problem this summer," he said. "Yields have been coming in a little below expectations." (Reporting by Christopher Walljasper; Additional reporting by Gus Trompiz in Paris and Colin Packham Canberra; Editing by Pravin Char)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.47% 530.25 End-of-day quote.10.07%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 -0.10% 491.75 End-of-day quote.0.00%
S&P GSCI CORN INDEX 1.08% 444.7884 Delayed Quote.9.76%
S&P GSCI SOY BEANS INDEX 1.05% 498.5602 Delayed Quote.-5.64%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.51% 322.7 End-of-day quote.-26.82%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.01% 70.81 Delayed Quote.-3.53%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.03% 736 End-of-day quote.14.91%
Latest news "Economy & Forex"
01:10pU.S. reassures Lebanon gas supplies through Syria to be shielded from Caesar law -NNA
RE
01:08pDRAFTKINGS : Short-seller Hindenburg offers $1 mln for info related to cryptocurrency Tether
RE
01:06pBiden pushes infrastructure, spending in Pennsylvania as Democrats near deal
RE
01:05pTesla lobbies Modi's office in India to slash taxes before it enters market-sources
RE
01:04pCHINA EVERGRANDE : Evergrande's $2.6 billion unit stake sale fails as Chinese officials seek to calm nerves
RE
01:03pJACK MA : Alibaba founder Ma spotted in Mallorca in rare trip abroad after China scrutiny
RE
01:00pFED'S QUARLES : taper test is met, Fed not behind curve
RE
01:00pLower rates mean climate costs higher than thought, SF Fed paper says
RE
12:57pCalifornia ports, key to U.S. supply chain, among world's least efficient
RE
12:48pItaly to set aside 2 bln euros to curb energy bills in 2022 budget
RE
Latest news "Economy & Forex"