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Wheat near multi-year peak on supply concerns, soybeans firm

11/18/2021 | 11:06pm EDT

* Wheat rises, market poised for weekly gain as supplies tighten

* Soybeans up 0.7%, on track for second week of rise; corn firms

SINGAPORE, Nov 19 (Reuters) - Chicago wheat futures rose on Friday, trading close to a nine-year peak scaled earlier this week and on track for a second straight weekly gain, as tightening global supplies underpinned the market.

Soybeans advanced and were poised for a second consecutive week of gains.

"Prices in Europe and the Black Sea were reported higher and at season high levels in some cases," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to wheat prices in key exporting countries.

"The action still signals consolidation at higher price levels established over the past week or so."

The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.4% to $8.34-1/4 a bushel by 0341 GMT. Prices hit their highest since December 2012 on Wednesday.

Soybeans have added 2.5% this week, while corn has lost 0.5%.

The International Grains Council on Thursday cut its forecast for 2021/22 global wheat production, partly driven by a diminished outlook for the crop in Iran.

In its monthly update, the inter-governmental body reduced its 2021/22 world wheat crop outlook by 4 million tonnes to 777 million tonnes.

Heavy rains are threatening damage to Australia's harvest, flooding has disrupted export routes in Canada and dry conditions are raising early doubts about production in the United States and the Black Sea region.

Consultancy Strategie Grains sharply cut its demand forecast for European Union wheat in 2021/22 as high prices were seen eroding exports and leading industrial processors to switch to maize.

Commodity funds were net sellers of CBOT soybean, corn, wheat and soymeal futures contracts on Thursday, traders said. They were net even in soyoil. (Reporting by Naveen Thukral; editing by Uttaresh.V and Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.15% 100.85 Delayed Quote.0.00%
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 1.02% 621.75 End-of-day quote.4.72%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
MSCI SINGAPORE (GDTR) 1.21% 5846.67 Real-time Quote.-6.87%
S&P GSCI CORN INDEX 1.41% 518.2662 Real-time Quote.4.35%
S&P GSCI SOY BEANS INDEX 1.45% 575.0863 Real-time Quote.6.61%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.39% 515.6 End-of-day quote.25.24%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 2.82% 803.5 End-of-day quote.3.76%
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