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 firms on global supply concerns, soybeans lag

10/22/2021 | 04:01pm EST

* Wheat firm on brisk imports; weaker dollar supports

* Fertilizer risks underpin corn

* Soybeans weighed by harvest, firmer crush lends support

CHICAGO, Oct 22 (Reuters) - Chicago wheat rose on Friday, supported by global supply concerns and an easing dollar.

Corn followed wheat higher, but gains were dragged down by pressure from a lower soybean market as U.S. farmers reap better-than-expected harvests of the oilseed.

The most-active wheat contract on the Chicago Board of Trade (CBOT) ended 14-3/4 cents higher at $7.56 a bushel, notching a 3% weekly gain.

CBOT's most-active corn gained 5-3/4 higher at $5.38 a bushel, climbing 2.33% for the week.

CBOT soybeans fell 3-1/2 cents lower at $12.20-1/2 a bushel.

"Wheat’s the mover, taking support from global demand," said Karl Setzer, commodity risk analyst at Agrivisor.

Wheat markets continued to grapple with strong export demand as stockpiles are expected to decline in major exporting zones this season.

In Australia, robust demand for wheat is quickly filling up shipping slots as importers book cargoes ahead of what is expected to be a second year of near-record output.

Soybeans slipped, but were supported by firming crush margins.

"Harvest is going well, it seems like the yields are better than the USDA is saying," said Ted Seifried, vice president of Zaner Group. "At the same time, crush margins have gotten substantially better for soybeans, both here in the United States and also in China."

CBOT November/December board crush <1SMSIZ1-BOZ1-SX1>, an indicator of profit margins for soybean crushers, climbed to 182 cents a bushel, an 18.95% weekly gain.

A pullback in vegetable oil markets capped soybeans.

CBOT corn found underlying support from talks of shifting U.S. acres toward soybeans next year due to climbing fertilizer costs, while beneficial rain for planting in Brazil and upward revisions to U.S. and European harvests curbed prices. (Reporting by Christopher Walljasper; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Diane Craft and Chizu Nomiyama)


© Reuters 2021
Latest news "Economy & Forex"
05:50pDelta not revising South Africa flights amid variant concerns
RE
05:50pDelta air lines does not plan any changes to u.s. flights to south africa after white house announcement -statement
RE
05:49pDutch health authorities say likely dozens of covid-19 cases among passengers from south africa -statement
RE
05:42pDogecoin Lost 7.89% to $0.204 at 5 p.m. ET -- Data Talk
DJ
05:42pEthereum Lost 9.37% to $4078.31 at 5 p.m. ET -- Data Talk
DJ
05:42pBitcoin Lost 8.04% to $54101.34 at 5 p.m. ET -- Data Talk
DJ
05:40pFed's Bostic says he remains open to faster taper and one or two rate hikes in 2022
RE
05:37pDollar Lost 0.58% to 113.37 Yen -- Data Talk
DJ
05:37pSterling Lost 0.80% to $1.3339 -- Data Talk
DJ
05:37pEuro Gains 0.33% to $1.1318 -- Data Talk
DJ
Latest news "Economy & Forex"