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Wheat falls for 1st time in 7 sessions; corn, soybeans ease

07/21/2021 | 08:28pm EDT

SINGAPORE, July 22 (Reuters) - Chicago wheat futures retreated on Thursday after six straight sessions of gains, although losses were limited by concerns over dry weather curbing yields in top exporters Russia and the United States.

Corn and soybeans slid in early Asian trade.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.7% to $7.05-3/4 a bushel, as of 0019 GMT. Corn lost 0.8% to $5.64-1/4 a bushel and soybeans gave up 0.6% to $13.81-3/4 a bushel.

* The wheat market is being underpinned by crop concerns in North America and the Black Sea region.

* Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes per hectare a year earlier.

* Commodity funds were net buyers of CBOT corn, wheat and soymeal contracts on Wednesday, traders said. They were net sellers of soyoil and even in soybeans.

MARKET NEWS

* Markets continued their upward march on Wednesday and yields climbed due partly to positive corporate earnings, despite apprehension about the Delta coronavirus variant and inflation, which spurred a flight to safety earlier in the week.

DATA/EVENTS (GMT) 0645 France Business Climate Mfg July 1145 EU ECB Refinance Rate July 1145 EU ECB Deposit Rate July 1230 US Initial Jobless Clm Weekly 1400 US Existing Home Sales June 1400 EU Consumer Confid. Flash July (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.01% 0.61908 Delayed Quote.-1.64%
BRITISH POUND / EURO (GBP/EUR) -0.04% 1.16448 Delayed Quote.4.67%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.02% 0.666196 Delayed Quote.3.81%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.04% 521.75 End-of-day quote.8.94%
INDIAN RUPEE / EURO (INR/EUR) 0.02% 0.011577 Delayed Quote.3.34%
MSCI SINGAPORE (GDTR) 0.30% 6486.843 Real-time Quote.12.58%
S&P GSCI CORN INDEX -1.28% 429.7213 Delayed Quote.8.94%
S&P GSCI SOY BEANS INDEX -1.56% 501.7364 Delayed Quote.-2.06%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.62% 336.4 End-of-day quote.-22.08%
US DOLLAR / EURO (USD/EUR) 0.00% 0.852675 Delayed Quote.4.17%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.26% 73.384 Delayed Quote.-1.34%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.13% 700.75 End-of-day quote.10.66%
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