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Wheat firms for 2nd day as dry weather hits U.S. spring crop

07/28/2021 | 08:24pm EDT

SINGAPORE, July 29 (Reuters) - Chicago wheat futures rose for a second straight session on Thursday, underpinned by a severe drought curbing yields of top quality U.S. spring wheat.

Corn and soybean futures edged higher in early Asian trade.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.7% at $6.93-1/4 a bushel, as of 0010 GMT, adding to Wednesday's 2.1% rally.

* Corn rose 0.1% to $5.49-1/4 and soybeans climbed 0.02% to $13.61-1/4 a bushel.

* Spring wheat yields in southern and east central North Dakota are well below average as a severe drought slashed production potential in the country's top producing state, scouts on an annual crop tour said on Tuesday.

* Tour scouts projected an average spring wheat yield for southern and east central North Dakota at 29.5 bushels per acre on the first day of a three-day tour, below the tour's five-year average of 43.3.

* The drought extends into South Dakota and Montana as well as portions of Canada.

* Dry conditions affecting portions of the Midwest crop belt are lending support to corn and soybeans.

* In Brazil, freezing temperatures on Wednesday and Thursday will hit crops like corn and wheat, according to a warning issued to farmers by the government's food supply and statistics agency Conab.

* In Sao Paulo and Parana states, there is the risk of moderate and severe frosts and this could affect second corn that is in the grain-filling stage, as well as wheat that is in the flowering stage, Conab said late on Tuesday. Second corn is planted after soybeans are harvested in the same fields.

* Corn and wheat in Mato Grosso do Sul could also be hit by frosts, though in fewer areas, Conab said.

* Commodity funds were net buyers of CBOT wheat, soybean, corn and soyoil futures contracts on Wednesday, and net sellers of soymeal futures, traders said.

MARKET NEWS

* U.S. stocks and the dollar slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.

DATA/EVENTS (GMT) 0755 Germany Unemployment Chg, Rate SA July 0900 EU Consumer Confid. Final July 1200 Germany CPI, HICP Prelim YY July 1230 US GDP Advance Q2 1230 US Initial Jobless Clm Weekly (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.43% 1.3738 Delayed Quote.1.27%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.72% 0.7827 Delayed Quote.0.91%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.42% 527.25 End-of-day quote.10.23%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 -0.69% 465.25 End-of-day quote.0.00%
EURO / BRAZILIAN REAL (EUR/BRL) -0.03% 6.1994 Delayed Quote.-2.79%
EURO / US DOLLAR (EUR/USD) -0.32% 1.1725 Delayed Quote.-3.23%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.18% 0.01357 Delayed Quote.-0.58%
MSCI SINGAPORE (GDTR) 0.31% 6532.371 Real-time Quote.11.90%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.47% 0.70346 Delayed Quote.-0.67%
S&P GSCI CORN INDEX 0.14% 435.2941 Delayed Quote.10.74%
S&P GSCI SOY BEANS INDEX -0.23% 509.7761 Delayed Quote.-1.14%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.47% 338.6 End-of-day quote.-22.68%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.60% 708.75 End-of-day quote.11.32%
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