Wheat eases after two-session rally, corn down 1.3 pc

Dhaka,  Thu,  24 August 2017
Published : 19 Jun 2017, 21:36:23
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Wheat eases after two-session rally, corn down 1.3 pc

SINGAPORE, June 19 (Reuters): Chicago wheat futures slid on Monday as the market took a breather after rallying around 5.0 per cent in the last two sessions on the back of dry weather hitting US yields.

Corn rose 1.3 per cent on easing concerns over dryness in the US Midwest, while soybean prices gained for a third straight session on strong demand.

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 US spring wheat crop production.

Reports of disappointing yields in early harvest of hard red winter wheat provided additional support. "There have been weather concerns for corn as well as spring wheat in the US," said Phin Ziebell, an agribusiness economist at National Australia Bank.

"The corn market is giving up gains as there is pressure on crude oil prices and the weather is looking better."

Corn prices often track movements in the crude oil market with rising use of crops to make alternative fuels. Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten the market.

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 per cent to 50.4 million tonnes in the upcoming season, which starts on July 1, according to a Reuters poll. Production was also seen falling.
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