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Wheat firms as dry weather threatens North American plantings

04/07/2021 | 10:58pm EDT

CANBERRA, April 8 (Reuters) - U.S. wheat futures edged higher on Thursday as dry weather in several North American growing regions raised concerns of an impact to planting timeline.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board of Trade were up 0.1% at $6.17 a bushel by 0241 GMT, having closed up 0.1% on Wednesday.

* Soybean futures were down 0.2% to $14.06-1/4 a bushel, having closed down 0.7% on Wednesday.

* Corn futures fell 0.1% to $5.59-3/4 a bushel, having gained 1.1% in the previous session.

* Spring wheat planting across the U.S. Upper Great plains and Canadian prairie has been hampered by extreme dryness that could negatively affect yields.

* Brazil looks to export 16.3 million tonnes of soybeans in April, up from 14.2 million acres a year ago, as well as 22,000 tonnes of corn, according to Brazilian grain export association ANEC.

* Brazil's second-crop corn planting could see yields trimmed by an estimated 3.6% this year, Agroconsult said.

* Market awaits corn USDA to adjust grain usage in its monthly supply and demand assessment.

MARKET NEWS

* The U.S. dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower, after minutes of the Federal Reserve's March policy meeting offered no new catalysts to dictate market direction.

* Oil prices fell after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world's biggest consumer of the resource at a time when supplies around the world are rising.

* Asian share markets lagged as U.S. stock futures nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose even as the economy enjoys a rapid recovery. (Reporting by Colin Packham; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 2.41% 594 End-of-day quote.17.56%
EURO / BRAZILIAN REAL (EUR/BRL) -0.85% 6.7731 Delayed Quote.7.64%
LONDON BRENT OIL 3.53% 66.24 Delayed Quote.22.09%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.71% 397.8 End-of-day quote.-7.48%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 2.43% 54.32 End-of-day quote.22.39%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.90% 648 End-of-day quote.-1.68%
WTI 3.79% 62.791 Delayed Quote.24.00%
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