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MarketScreener Homepage  >  Futures  >  Chicago Board Of Trade - Floor  >  WHEAT FUTURES (W) - CBR (FLOOR)/C1       

WHEAT FUTURES (W) - CBR (FLOOR)/C1

End-of-day quote. End-of-day quote Chicago Board Of Trade - Floor - 01/26
665.25 USc   +2.58%
05:45pCorn soars 4% on fresh sales to China; soy, wheat also climb
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02:28pCorn soars 4% on fresh sales to China; soy, wheat also climb
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Soybeans, wheat fall after gains, corn hits 16-month high

11/30/2020 | 06:56am EST

* Soybeans fall as South America soy gets rain

* Reports of larger Russian export quota weaken wheat

* South American weather concern, U.S. exports underpin corn

HAMBURG, Nov 30 (Reuters) - Chicago soybeans slipped on Monday following recent strong gains with parched South American soy crops receiving some rain after concern about dryness.

Wheat dropped amid reports Russia may raise its export quota. Corn hit its highest since summer 2019 with U.S. export prospects positive.

Chicago Board of Trade most-active soybeans were down 0.6% at $11.84-1/2 a bushel at 1145 GMT, remaining near last week's 4-1/2-year high of $12.00 a bushel.

Corn was up 0.1% at $4.34-1/2 a bushel after hitting its highest since July 2019 at $4.39-1/2 a bushel earlier on Monday. Wheat fell 0.8% to $6.01 a bushel.

“The worry about dry weather in South America, especially Brazil and Argentina, has been supporting soybeans in the past week and now we are seeing rain in parts of these countries,” said Matt Ammermann, StoneX commodity risk manager.

“But dryness concern is not over and more rain is still needed to ensure good Brazilian and Argentine soybean crops with enough supplies for sufficient exports to China.

“The market is also awaiting to see if China will buy more soybeans from the U.S. this week after a quiet period of U.S. export sales to China in the last week or so.”

Brazil, usually one of the world's biggest soybean exporters, is importing U.S. soybeans to relieve tight local supplies. Some Chinese soybean importers may cancel U.S. purchases.

“Corn remains supported by concern about dryness in South American corn belts," Ammermann said. "The U.S. continues to dominate the global corn export trade with U.S. export prospects good.”

“Wheat is pausing after recent strength. There are also reports Russia may increase its grain export quota planned between February to June next year to 17.5 million tonnes from 15 million tonnes, which could mean a significant extra volume of Russian wheat being sold in the world market.” (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by)


© Reuters 2020
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