[ad_1]
Chicago | Reuters – US wheat futures rebounded nearly 3 percent on Monday, fearing crop deterioration in several key producing countries will tighten global grain stocks.
Maize peaks at 1-1 / 2 months Wheat and soybeans slowed crop prospects, soybean peaked at three weeks
Investors abandoned short positions on cereals due to bad weather in the EU and Australia.
The International Grains Council estimated last week that world wheat production would fall to its lowest level in five years.
"Reports on Europe are leading wheat," said Roy Huckabay, an analyst at Linn & Associates, a Chicago-based brokerage firm. "The question is, what is the Russian harvest and how strong will the Russian prices be?"
Big speculators tightened their net short position in the Chicago Red Sea (SRW) red winter wheat market last week. According to data from the Commodity Futures Trading Commission, Russian wheat export prices rose sharply last week for a second consecutive week, as harvests stagnated in some parts of the market. country.
United States wheat prices, meanwhile, were the lowest offered in a recent international call for bids by Iraq.
CBOT September's SRW wheat jumped 16 cents or 2.9 percent to US $ 5.46 a bushel, while HRW futures gained 15-1 / 4 cents, or 2.9 percent. at US $ 5.47 / 4 a bushel.
Worries that dry weather will ease yield prospects have pushed up the price of corn and soybeans. The United States Department of Agriculture is expected to lower by about one point in a weekly report its state ratings for both crops later Monday.
CBOT September corn increased 5-1 / 4 cents, or 1.5 percent, to $ 3.67. / 4 bushel, the highest since June 18th. CBOT soya beans increased 5-1 / 2 cents, or 0.6 percent, to US $ 8.80 per bushel.
soybean prices were sharply lower than those in Brazil, prompting a rebound in demand from many countries as China, the world's largest oilseed buyer, continued to crowd out US soybeans because trade disputes between the two countries. 19659002] Traders say China will be forced to pick up American soybeans to meet its needs in the coming months as South American supplies dwindle. (Additional report by Nigel Hunt in London, Naveen Thukral in Singapore and Colin Packham in Sydney
Source link
