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Gus Trompiz

GRAINS-Wheat extends slide as supply concerns ease, virus fears grow

7:47am EST

* Stable U.S. crop rating, record Australia forecast cool wheat * Omicron worries revived by Moderna warning on vaccine response * Corn, soybeans also slip (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 30 Chicago wheat prices fell to their lowest in more than two weeks on Tuesday as a forecast for a record Australian production tempered global supply concerns while fresh investor jitters about the Omicron coronavirus variant further weighed on grains. Corn and soybeans also slipped, pressured by falling crude oil after Moderna's chief executive cautioned that COVID-19 shots were unlikely to be as effective against the Omicron variant. The most-active wheat contract on the Chicago Board Of Trade (CBOT) was down 1.5% at $8.10 a bushel by 1232 GMT. It earlier fell to $8.02-1/2, its weakest since Nov. 11. In Europe, March wheat on Paris-based Euronext was down 1.8% at 292.25 euros ($331.62) a tonne. Wheat markets rallied to nine-year highs this month in Chicago and record peaks on Euronext as the possibility of more Russian export restrictions and the risk of rain damage to Australia's crop fanned fears of tight milling wheat supplies. But this week's upward revision by Australia's chief commodity forecaster ABARES to its official estimate for the 2021/22 crop, now expected at a record 34.4 million tonnes, cooled sentiment. "These figures are above expectations and confirm that rains have been beneficial on volumes," consultancy Agritel said. The U.S. Department of Agriculture (USDA), meanwhile, in its last weekly crop progress report for 2021 on Monday rated 44% of U.S. winter wheat in good-to-excellent condition, steady from the previous week and above average trade expectations of a slight decline. However, some analysts see wheat as well supported fundamentally, with logistical constraints and mixed crop quality seen limiting the extent to which Australia can make up for dwindling availability of milling-grade wheat. Egypt's state grains buyer, the General Authority for Supply Commodities, on Monday bought 600,000 tonnes of wheat in an international tender for Jan. 9-20 shipment. CBOT soybeans gave up 1.0% to $12.29-1/4 a bushel and corn was down 1.2% at $5.75-1/2 a bushel. The U.S. corn and soybean harvests are virtually complete, with the USDA reporting both crops as 95% harvested by Nov. 21, and attention is turning to the South American growing season, where a La Nina weather pattern could stress crops in Argentina and southern Brazil. Prices at 1232 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 810.00 -12.25 -1.49 640.50 26.46 CBOT corn 575.50 -6.75 -1.16 484.00 18.90 CBOT soy 1229.25 -12.25 -0.99 1311.00 -6.24 Paris wheat 292.25 -5.25 -1.76 195.50 49.49 Paris maize 240.00 -7.00 -2.83 219.00 9.59 Paris rape 650.00 -11.50 -1.74 418.25 55.41 WTI crude oil 68.26 -1.69 -2.42 48.52 40.68 Euro/dlr 1.13 0.01 0.50 1.2100 -6.21 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne ($1 = 0.8813 euros) (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Kirsten Donovan)

GRAINS-Wheat consolidates after multi-year highs on supply concerns

Nov 19 2021

* Wheat inches down as tight exporter supplies in focus * Soybeans, corn ease as firm dollar, weaker oil weigh * Europe lockdown moves cool investor sentiment (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS, Nov 19 U.S. and European wheat futures inched down on Friday, pausing after a rally to multi-year highs as traders watched for updates on Australia's rain-disrupted harvest that has added to concern about tightening global availability. Soybean prices eased after reaching their highest in more than a month earlier this week while corn also ticked lower, curbed by a firm dollar and weaker crude oil as coronavirus lockdown measures in Europe worried investors. The International Grains Council on Thursday cut its forecast for 2021/22 global wheat production, underscoring concern about dwindling stocks. Heavy rains in Australia have added to supply worries by threatening to damage what has been forecast as a bumper harvest that would help replenish export availability. "The wheat market therefore remains extremely tight, as the price performance reflects," Commerzbank said in a note. The most-active wheat contract on the Chicago Board of Trade (CBOT) inched down 0.2% to $8.29-1/2 a bushel by 1130 GMT, after reaching its highest since December 2012 at $8.44 on Wednesday. In Europe, March wheat on Paris-based Euronext also ticked down 0.2%, to 295.25 euros ($333.43) a tonne, near Thursday's 14-year peak of 299.75 euros. Along with a series of international tenders this week, talk of new import purchases of wheat by China have contributed to price strength, suggesting continued demand despite high prices. CBOT soybeans were down 0.3% at $12.61 a bushel, while corn was off 0.3% at $5.71-1/2. Soybeans have rallied this week on signs of increasing export and domestic demand, lending support to corn. However, investor worries over rising coronavirus infections in Europe as Austria announced a full lockdown hung over commodity markets. The move by Austria weighed on crude oil, which influences oilseed and corn markets that provide feedstocks for biofuel. Prices at 1130 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 829.50 -1.25 -0.15 640.50 29.51 CBOT corn 571.50 -1.50 -0.26 484.00 18.08 CBOT soy 1261.00 -4.25 -0.34 1311.00 -3.81 Paris wheat 296.50 -0.50 -0.17 192.50 54.03 Paris maize 248.00 -1.25 -0.50 219.00 13.24 Paris rape 681.50 -12.75 -1.84 418.25 62.94 WTI crude oil 77.01 -2.00 -2.53 48.52 58.72 Euro/dlr 1.13 -0.01 -0.66 1.2100 -6.66 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne ($1 = 0.8855 euros) (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh.V, Subhranshu Sahu and Emelia Sithole-Matarise)

REFILE-GRAINS-Soybeans rise as export demand in focus

Nov 17 2021

(Corrects grammar in headline) * Soybeans supported by export hopes after U.S.-China talks * Wheat consolidates after retreating from 9-year peak * Corn also steady as dollar rally pauses By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 17 Chicago soybeans futures rose on Wednesday, recouping losses from the previous session, with support from hopes of rising Chinese demand for U.S. supplies. Corn also inched up as a pause in a dollar rally helped U.S. commodity prices. Wheat ticked up after a drop on Tuesday, holding near a nine-year high as the latest import tenders kept attention on tightening supply in northern hemisphere exporting countries. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.9% at $12.62-1/2 a bushel by 1303 GMT, just off an earlier six-week top. CBOT corn added 0.3% at $5.72-1/2 a bushel, and wheat was up 0.1% at $8.21 a bushel. "Yesterday's pullback is considered more technical than fundamental," consultancy Agritel said. A video call on Monday between U.S. President Joe Biden and Chinese counterpart Xi Jinping has spurred hopes that renewed dialogue could bolster Chinese buying of U.S. soybeans. Exporters also reported the sale of 161,000 tonnes of soybeans to unknown destinations, the third trading day in a row that a so-called flash sale of soybeans was announced. In corn, the USDA said on Tuesday private exporters reported the sale of 270,000 tonnes of corn to Mexico, the second day in a row a sale was announced to the top buyer of U.S. supplies of the grain. In wheat, a reported purchase of around 800,000 tonnes by Algeria and a tender being held by Egypt on Wednesday were set to add to strong global demand. The consolidation trend in grains also reflected a transition towards a southern hemisphere production season, with traders awaiting further news on Australia's rain-slowed wheat harvest and updates on soybean and corn planting in South America. Prices at 1303 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 821.00 1.00 0.12 640.50 28.18 CBOT corn 572.50 1.50 0.26 484.00 18.29 CBOT soy 1262.50 11.25 0.90 1311.00 -3.70 Paris wheat 292.25 3.25 1.12 192.50 51.82 Paris maize 246.25 3.00 1.23 219.00 12.44 Paris rape 693.25 -9.25 -1.32 418.25 65.75 WTI crude oil 80.26 -0.50 -0.62 48.52 65.42 Euro/dlr 1.13 0.00 -0.01 1.2100 -6.46 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich and Krishna Chandra Eluri)

Worst to come: pasta makers fret over durum wheat supply crunch

Nov 10 2021

PARIS/MILAN Italian pasta makers are fearful of a substantial supply squeeze in the coming months after this summer's durum wheat price shock, as the market runs out of ways to offset a dire harvest in top exporter Canada.

Europe's EV battery strategy threatened by supply chain gaps, Eramet says

Oct 29 2021

PARIS Europe is still not investing enough in the supply chain for electric vehicle batteries and this could leave its planned gigafactories short of coveted minerals, French mining group Eramet said.

GRAINS-Corn eases from two-month top as crude oil slides

Oct 28 2021

* Corn still supported by ethanol demand surge * Soybeans inch up, wheat ticks lower * Grain markets await weekly U.S. export sales (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/CANBERRA, Oct 28 Chicago corn futures edged lower on Thursday, consolidating below a two-month high struck a day earlier as falling crude oil curbed support from a recent boom in ethanol demand. Wheat tracked corn lower, while soybeans inched up. Traders were waiting for weekly U.S. export sales data later on Thursday for an update on international demand. The most-active corn futures on the Chicago Board Of Trade were down 0.2% at $5.56 a bushel by 1139 GMT. They had gained 2.5% in the previous session when prices hit their highest since Aug. 19 at $5.63-1/4. Crude oil extended a retreat from a seven-year peak earlier this week. However, corn remained well underpinned by a surge in output for corn-based ethanol fuel, as highlighted by U.S. Energy Information Administration data on Wednesday showing the second biggest weekly production pace on record. "The market got further support from ethanol prices and demand," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "The market also has some worries about corn harvests in Europe." Rain delays to corn harvesting in Europe, as well as in parts of the U.S. Midwest and China, have created short-term supply concerns, despite expectations for large crops. CBOT soybeans were up 0.1% at $12.50-1/2 a bushel, consolidating near Wednesday's 2-1/2 week high. Signs of an upturn in Chinese demand for U.S. soybeans has supported prices, countering supply pressure from U.S. harvesting and South American planting. CBOT wheat was down 0.2% at $7.54-3/4 a bushel, trading near a two-month top reached at the start of the week. Wheat markets remained underpinned by steady import demand, the late arrival of corn crops and early worries about prospects for next year's wheat harvests. Prices at 1139 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 758.25 -1.50 -0.20 640.50 18.38 CBOT corn 556.00 -1.25 -0.22 484.00 14.88 CBOT soy 1250.50 0.75 0.06 1311.00 -4.61 Paris wheat Dec 284.50 -0.25 -0.09 192.50 47.79 Paris maize Nov 243.25 -0.75 -0.31 219.00 11.07 Paris rape Nov 685.00 -6.25 -0.90 418.25 63.78 WTI crude oil 81.28 -1.38 -1.67 48.52 67.52 Euro/dlr 1.16 0.00 0.01 1.2100 -4.09 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Editing by Anil D'Silva)

GRAINS-Wheat hits two-month high on strong global demand

Oct 25 2021

* Strong global demand, tightening supplies fuel wheat rally * Corn touches 2-week high with support from wheat, harvest delays * Soybeans also firm (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Oct 25 Chicago wheat futures extended gains on Monday to reach a two-month high as robust world demand and early worries about next year's harvests kept the focus on tightening supplies. Corn edged up to its highest in more than two weeks with support from wheat prices and rain delays to northern hemisphere harvesting. Soybeans were also firm, helped by renewed strength in vegetable oil markets. Fresh multi-year highs for crude oil lent support to grain markets, although chart resistance levels were capping gains for Chicago futures, traders said. The most-active soft red winter wheat contract on the Chicago Board Of Trade (CBOT) was up 1.1% at $7.64 a bushel by 1113 GMT. It earlier reached $7.67, its highest since Aug. 16. The rally has been fuelled by worries about global availability of high-protein wheat, pushing Kansas hard red winter wheat futures to their highest since 2014 and Minneapolis spring wheat futures to levels not seen since 2012. Drought this year in major spring wheat production zones and brisk import demand have eroded stock levels, making the wheat market sensitive to potential supply setbacks. "Continued dry weather in Hard Red Winter wheat regions of the U.S. is helping the mood (...) as are the high level of fertiliser prices," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. Soaring fertiliser prices have stirred concerns that farmers will use less of the crop nutrient, diminishing yield and protein prospects for wheat, or switch away from wheat and corn to less fertiliser-intensive crops like soybeans. CBOT corn was up 0.4% at $5.40-1/4 a bushel, after earlier touching its highest since Oct. 6 at $5.42. Soybeans added 0.7% to $12.28-3/4 a bushel. As well as concern over loss of acreage to soybeans next year, the corn market is monitoring rain delays to current harvests in the northern hemisphere, including in Ukraine and China. Grain markets will get an update on U.S. corn and soybean harvesting later on Monday in weekly U.S. Department of Agriculture crop progress data. Beneficial moisture for corn and soybean planting in South America, however, was capping gains for Chicago prices, traders said. Prices at 1113 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 764.00 8.00 1.06 640.50 19.28 CBOT corn 540.25 2.25 0.42 484.00 11.62 CBOT soy 1228.75 8.25 0.68 1311.00 -6.27 Paris wheat Dec 280.75 0.75 0.27 192.50 45.84 Paris maize Nov 248.75 -0.25 -0.10 219.00 13.58 Paris rape Nov 680.00 5.50 0.82 418.25 62.58 WTI crude oil 84.49 0.73 0.87 48.52 74.13 Euro/dlr 1.16 0.00 -0.20 1.2100 -3.93 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich, Kirsten Donovan)

New Caledonia's Prony to supply nickel to Tesla in multi-year deal

Oct 13 2021

MELBOURNE (Reuters) -Prony Resources said on Wednesday Tesla Inc had agreed to purchase around 42,000 tonnes of nickel in a multi-year deal - a pact that is set to make the New Caledonian miner a key supplier of the metal to the U.S. electric car maker.

GRAINS-Corn steady near four-week high ahead of U.S. stocks data

Sep 30 2021

* Grain markets consolidate before USDA quarterly stocks report * Mixed harvest reports, lower expected stocks underpin corn * Wheat, soybeans also firm as grains shake off dollar strength (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Sept 30 Chicago corn futures edged up on Thursday to hold near a four-week high as traders awaited widely followed U.S. grain stocks data expected to show tightening corn inventories. Soybeans and wheat were also firm, with strength in international oilseed and cereal markets helping offset pressure from a rising dollar. Price moves were limited ahead of the U.S. Department of Agriculture's (USDA) quarterly grain stocks report at 1600 GMT. The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.3% at $5.40-1/2 per bushel by 1136 GMT, trading close to Tuesday's four-week peak of $5.41-3/4. "The report should show a substantial, but unsurprising, rundown in U.S. (corn) inventory," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. The report comes as the market has been assessing early yield reports from the U.S. harvest, seen as crucial to replenish global supplies after a poor Brazilian crop and brisk Chinese demand in the past year. Analysts surveyed by Reuters expect the USDA to peg U.S. corn stocks at the end of Sept. 1 at 1.155 billion bushels, down from 1.187 billion in a USDA supply and demand report earlier in September. Analysts estimate soybean stocks at 174 million bushels, close to the USDA's last forecast of 175 million bushels. CBOT soybeans were up 0.1% at $12.85-1/2 a bushel, while wheat added 0.7% to $7.15-1/4 a bushel. The USDA is expected to trim its estimate for the U.S. 2021 wheat crop in a separate report to be issued alongside the stocks data. Wheat markets have also been supported by brisk importer demand and rising physical prices. Traders will get a demand update on Thursday via weekly U.S. export sales figures. Grain markets expect U.S. exports to pick up after recent storm disruption, but there remains uncertainty around the level of Chinese demand. China's huge livestock sector is facing a hike in feed costs as power outages force soybean crushing plants to close, analysts and industry participants said. Prices at 1136 GMT Last Change Pct End 2020 Ytd Pct Move Move CBOT wheat 715.25 5.00 0.70 640.50 11.67 CBOT corn 540.50 1.50 0.28 484.00 11.67 CBOT soy 1285.50 1.75 0.14 1311.00 -1.95 Paris wheat Dec 256.75 0.75 0.29 192.50 33.38 Paris maize Nov 231.75 1.75 0.76 219.00 5.82 Paris rape Nov 647.25 1.00 0.15 418.25 54.75 WTI crude oil 74.65 -0.18 -0.24 48.52 53.85 Euro/dlr 1.16 0.00 -0.17 1.2100 -4.34 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu and David Evans)

GRAINS-Corn regains ground as U.S. harvest, stocks data in focus

Sep 29 2021

* Corn bounces as wider markets consolidate * Traders assess U.S. yields, harvest pace * Wheat, soybeans also turn higher * Attention turning to Thursday's U.S. grain stocks data (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Sept 29 Chicago corn rebounded on Wednesday as wider markets consolidated after a volatile start to the week and grain traders assessed mixed yield indications from an advancing U.S. corn harvest. Wheat rose for the first time in three sessions, while soybeans turned higher after an earlier one-week low, as investors also adjusted positions in the run-up to closely watched U.S. grains stocks data on Thursday. The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.9% at $5.37 a bushel by 1223 GMT. The contract touched a four-week high on Tuesday, before falling back under pressure from a slide in equity markets and progress in the Midwest corn harvest. However, caution over U.S. yields and delays to corn harvesting across Europe helped keep prices underpinned. "Corn yields have been mixed across the U.S.," consultancy Agritel said in a note, adding rain was holding up harvesting in Ukraine, another major exporter of the grain. Traders are turning their attention to the U.S. Department of Agriculture's (USDA) Sept. 30 quarterly stocks and annual reports on small grains. Analysts surveyed by Reuters on average expect the government to report U.S. Sept. 1 corn stocks at 1.155 billion bushels, below the 1.187 billion bushels that the USDA projected in its last monthly supply/demand report on Sept. 10. Sept. 1 soybean stocks were on average pegged at 174 million bushels, close to the 175 million bushels projected on Sept. 10. A rise in the dollar index to its highest since last November has tempered U.S. export prospects, although there have been signs of a recovery in shipments on the Gulf Coast following recent storm disruption. CBOT wheat rose 1.3% to $7.16 a bushel, while soybeans inched up 0.2% to $12.80 a bushel. Rising prices in top exporter Russia and a run of tenders by importing countries, including Tuesday's tender by Algeria in which it is thought to have booked around 500,000 tonnes, have lent support to wheat markets. Prices at 1223 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 716.00 9.50 1.34 640.50 11.79 CBOT corn 537.00 4.50 0.85 484.00 10.95 CBOT soy 1280.00 3.00 0.23 1311.00 -2.36 Paris wheat Dec 257.00 3.00 1.18 192.50 33.51 Paris maize Nov 229.75 3.00 1.32 219.00 4.91 Paris rape Nov 638.00 5.00 0.79 418.25 52.54 WTI crude oil 75.05 -0.24 -0.32 48.52 54.68 Euro/dlr 1.17 0.00 -0.21 1.2100 -3.66 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Sherry Jacob-Phillips and Mark Potter)

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