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US wheat rallies on short covering after weak open

Posted by Flora Sawita Labels: Commodities, Futures Wheat, USA

US wheat futures rose on Friday, with the benchmark Chicago Board of Trade May soft red winter contract gaining 1.2 percent as investors covered short positions amid concerns about crop weather, traders said.

* Kansas City Board of Trade hard red winter wheat and MGEX spring wheat also rallied. The front-month KCBT contract hit its highest level in more than three weeks during the session.

* For the week, CBOT prices rose 4.7 percent, their biggest weekly gain in four weeks.

* CBOT May opened lower but prices turned higher as investors took advantage of the dip to cover their bearish bets. Prices briefly broke through their weekly high of $6.74-1/2 shortly before the open.

* CBOT said there were three deliveries against the expiring March contract. No deliveries against KCBT March and one delivery against MGEX March.

* Unseasonably warm and windy weather moved into the southwest corner of the US Plains hard red winter wheat region this week, bringing wheat out of dormancy and causing a rapid drydown of topsoils, said Andy Karst, meteorologist for World Weather Inc. Karst said the wheat will need rain soon but there is not any in the forecast for the next week.

* Early-emerging wheat is at risk for damage if temperatures turn colder again before the crop is fully mature.

* Russia's Agriculture Ministry expects 2012/13 wheat production to rise to 57 million tonnes from 56.2 million in 2011/12. Exports seen falling to 20 million tonnes from 21 million.

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US Wheat and corn move up (24 Feb 2012)

Posted by Flora Sawita Labels: Futures Corn, Futures Soybeans, Futures Wheat

US wheat and corn futures rose on Wednesday, finding support after an early drop on technical buying when prices for both commodities hit 50-day moving averages, traders said.

Soyabean futures also rose, pushed higher by a spate of buying late in the session and spillover strength from the gains in corn.

Soyabeans traded lower for much of the day due to concerns that China, the world's top purchaser of soyabeans, may be forced to slow its imports amid signs of strain to the world's second-largest economy, traders said.

Investors were evening up positions, reversing moves made earlier in the week, ahead of the US Agriculture Department's annual Outlook conference on Thursday and Friday.

"It is just a technical bounce from a market that pushed it too far yesterday," said Bob Utterback of Utterback Marketing Services, a brokerage for farmers.

CBOT March corn settled up 8-3/4 cents at $6.38-1/4 a bushel.

Corn futures hit a low of $6.25-3/4, less than 1 cent below the 50-day average, earlier in the session.

CBOT March wheat ended 11-1/2 cents higher at $6.44-1/2 a bushel.

Buying in both corn and wheat accelerated late in the day as prices passed through key resistance points in the chart, traders said.

After finding support near their 50-day moving averages, the benchmark corn and wheat contracts rallied through their 30-day and 100-day moving averages during the session.

"You got position-squaring going into the release of Outlook conference numbers," said Greg Grow director of agribusiness at Archer Financial Services.

"Corn broke hard yesterday and put back on what it lost (today) so it really has not done much.

I think it is just more of a technical trade right now." CBOT March soyabean futures ended up 1-1/4 cents at $12.72-1/4 a bushel.

China's new export orders in February shrank by the most in eight months, a preliminary HSBC business survey shows, defying analysts' expectations of a pick up following the Lunar New Year holidays.

Just last week, a Chinese delegation signed agreements with US grain companies to buy 13.4 million tonnes of US soyabeans valued at $6.7 billion.

That deal was during the visit of China's Vice President Xi Jinping to the United States.

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Wheat, beans rise on hopes for demand

Posted by Flora Sawita Labels: Futures Corn, Futures Soybeans, Futures Wheat

Prices for wheat, corn and soybeans have risen on worries that bad weather may have damaged crops in Europe and South America.

Investors on Friday speculated that demand for all three crops will improve. Wheat prices rose 2.4 per cent, while corn and soybeans were up nearly 1 per cent.

Global wheat supplies are plentiful so far but there has been speculation that freezing winter weather hurt crops in parts of Europe, which could cut into stockpiles.

Corn and soybeans supplies are already tight worldwide. Investors are speculating that inventories will shrink even more as details become available about potential crop damage from hot weather in Brazil and Argentina, Telvent DTN analyst Darin Newsom said.

In a report issued last week, the US Agriculture Department estimated global wheat stockpiles at 213.1 million metric tons by the end of the summer. Global corn supplies were forecast at 125.4 million metric tons and soybean stockpiles were estimated at 60.28 million metric tons.

"The market itself believes it's much tighter than what the government said and so that would indicate subsequent reports will show further tightening," Newsom said.

Other commodities were mixed as investors re-evaluated their holdings as a precaution in case there are developments in the Greek debt crisis over the President's Day weekend.

Negotiations over the best way to fix Greece's financial troubles have weighed on the market most of the week. Finance ministers from countries that use the euro will meet Monday to discuss another bailout package for Greece. US markets will be closed Monday for the Presidents' Day holiday.

Investors have been concerned that Greece could default on its massive debt if the funding isn't available before a deadline next month. That could cause slower economic growth and less demand for commodities.

In metals trading, gold for April delivery fell $2.50 to finish at $1,725.90 an ounce. In March contracts, silver declined 15.4 cents to end at $33.216 per ounce, copper decreased 8.3 cents to $3.708 per pound and palladium ended down $8.50 at $688.10 an ounce. April platinum rose $7.80 to $1,633.90 an ounce.

Oil prices rose on prospects for slower deliveries from the Middle East if Iran continues to clash with Western nations over its nuclear program.

Benchmark oil rose 93 cents to finish at $103.24 per barrel on the New York Mercantile Exchange. Heating oil fell 2.08 cents to end at $3.1889 per gallon, gasoline futures declined 3.15 cents to $3.0156 per gallon and natural gas rose 11.7 cents to $2.684 per 1,000 cubic feet.

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EU wheat little changed, eyes on weather, euro (19-Jan-2012)

Posted by Flora Sawita Labels: European Union (EU), Futures Wheat

(Reuters) - European wheat prices were little changed on Thursday in thin trade with traders focusing on the rise of the euro versus the dollar and looking out for much awaited rain in drought-hit Argentina.

* By 1308 GMT, the benchmark contract March was 0.25 euro or 0.1 percent higher at 197.75 euros a tonne but all the following contracts were down between 0.75 and 1.00 euros a tonne. Some 3,609 lots had been traded on the milling wheat contracts, which amounted to a low volume of 180,450 tonnes.

* "There is a lack of willingness (to move), the euro is firm and it's rather bearish for us," one trader said.

* Traders put support on March was at around 195.25 euros and resistance at 203.00 euros.

* The latest weather forecast boosted expectations for rain this weekend in South America, predicting that as much as 38 millimeters could fall in Argentina during the weekend.

* The forecast reinforced expectations for needed rain that South American farmers hoped would stabilize a crop that already has lost much of its potential due to the dryness.

* The euro rose on Thursday, supported by a solid Spanish debt auction and cautiously positive risk appetite which could spur a further squeeze of short positions, but brief rallies were unlikely to break the single currency's downtrend.

* The European Union awarded all of the remaining 188,948 tonnes of wheat import licences available for the first half of 2012 under its main tariff-rate quota (TRQ) for wheat, according to the EU official journal on Thursday.

* French analyst Strategie Grains on Thursday raised for the seventh time in a row its estimate of the European Union's 2011 maize crop now pegged at 65.3 million tonnes, up 700,000 tonnes on last month's estimate.

* The analyst pegged the EU soft wheat crop this year at 133.3 million tonnes, an estimate lowered by 200,000 tonnes from December but still 3 percent above the 2011/12 season.

* Euronext rapeseed futures <0#COM:> were slightly higher in the wake of firm soybean prices in Chicago. The support was put at 430 euros and the resistance at 441.25 euros.

GERMANY

* Germany's market was little changed on late Wednesday levels because of the lack of movement in Paris, but with background support coming from strong feed wheat demand.

* Standard bread-quality milling wheat for February delivery in Hamburg was offered for sale flat at 202 euros a tonne with buyers at around 200 euros.

* "A major activity remains feed wheat because of short-covering by feed makers," one German trader said. "The euro is strengthening again which is a pity as the weak euro in the past days had started to generate hopes of more wheat export sales for the EU."

* "The drought in Argentina is keeping the country out of export markets while Ukrainian and Russian prices are also firm after their export boom in past months."

* The short covering by animal feed makers was keeping German feed wheat prices at the same level or even higher than milling wheat in parts of Germany, continuing a pattern seen last week.

* Feed wheat for nearby delivery in the South Oldenburg market near the Netherlands was offered for sale over milling wheat at 204 euros a tonne with buyers around 202 euros.

* "There are trucking costs of about seven euros a tonne from Hamburg to South Oldenburg so it is not worth the while for a wholesale switch of milling wheat into feed wheat," another trader said. "But producers nearer to South Oldenburg with lower transport costs are selling milling wheat for feed."

ITALY

* What prices in Italy, a major grain buyer in Europe, were little changed ahead of a key weekly session of Bologna's cereals bourse later on Thursday.

* Bread wheat was traded at 220-225 euros a tonne for prompt delivery, traders said.

* Imports of maize into Italy surged 38.5 percent year on year in the first 10 months of 2011 spurred by increased feed-making demand while soft wheat imports jumped 10.6 percent, Italian industry bodies said on Thursday. (Reporting by Michael Hogan in Hamburg, Valerie Parent in Paris and Svetlana Kovalyova in Milan; Editing by Anthony Barker)

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EU wheat little changed, eyes on weather, euro (19-Jan-2012)

Posted by Flora Sawita Labels: European Union (EU), Futures Wheat

* "There is a lack of willingness (to move), the euro is firm and it's rather bearish for us," one trader said.

* Traders put support on March was at around 195.25 euros and resistance at 203.00 euros.

* The latest weather forecast boosted expectations for rain this weekend in South America, predicting that as much as 38 millimeters could fall in Argentina during the weekend.

* The forecast reinforced expectations for needed rain that South American farmers hoped would stabilize a crop that already has lost much of its potential due to the dryness.

* The analyst pegged the EU soft wheat crop this year at 133.3 million tonnes, an estimate lowered by 200,000 tonnes from December but still 3 percent above the 2011/12 season.

* Euronext rapeseed futures <0#COM:> were slightly higher in the wake of firm soybean prices in Chicago. The support was put at 430 euros and the resistance at 441.25 euros.

GERMANY

* Germany's market was little changed on late Wednesday levels because of the lack of movement in Paris, but with background support coming from strong feed wheat demand.

* Standard bread-quality milling wheat for February delivery in Hamburg was offered for sale flat at 202 euros a tonne with buyers at around 200 euros.

* "The drought in Argentina is keeping the country out of export markets while Ukrainian and Russian prices are also firm after their export boom in past months."

* The short covering by animal feed makers was keeping German feed wheat prices at the same level or even higher than milling wheat in parts of Germany, continuing a pattern seen last week.

* Feed wheat for nearby delivery in the South Oldenburg market near the Netherlands was offered for sale over milling wheat at 204 euros a tonne with buyers around 202 euros.

ITALY

* What prices in Italy, a major grain buyer in Europe, were little changed ahead of a key weekly session of Bologna's cereals bourse later on Thursday.

* Bread wheat was traded at 220-225 euros a tonne for prompt delivery, traders said.

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Corn, Soy, Wheat Called to Open Higher on Demand, Weather (18-Jan-2012)

Posted by Flora Sawita Labels: 2012 News, Futures Corn, Futures Soybeans, Futures Wheat

What follows are opening calls for U.S. grain and oilseed markets.

Corn futures are called to open 7 cents to 10 cents a bushel higher on the Chicago Board of Trade on speculation that warm, dry weather this week in Argentina may reduce any yield benefits from rain last week, Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview. Stronger economic growth in China, the biggest hog producer, may spur purchases of U.S. corn for livestock feed, Grow said.

Soybean futures may open 15 cents to 20 cents higher on the CBOT on speculation that adverse weather in Argentina and improved U.S. processing of the oilseed in December may spur increased demand for supplies held by farmers, Grow said. Soybean-oil futures are expected to open 0.5 cent to 0.7 cent a pound higher, and soybean-meal futures may open $4 to $5 higher per 2,000 pounds.

Wheat futures may open 7 cents to 9 cents a bushel higher on the CBOT, the Kansas City Board of Trade and the Minneapolis Grain Exchange on speculation that adverse weather threatening crops in Ukraine and a weaker dollar will spur demand for supplies from the U.S., Grow said.

WHAT TO WATCH: (ALL TIMES NEW YORK)

11 a.m. Export Inspections - Corn, Soybeans, Wheat

2 p.m. USDA Daily Cattle and Hog Slaughter

Corn, Soy, Wheat Called to Open Higher on Demand, Weather (18-Jan-2012)

Posted by Flora Sawita Labels: 2012 News, Futures Corn, Futures Soybeans, Futures Wheat

What follows are opening calls for U.S. grain and oilseed markets.

WHAT TO WATCH: (ALL TIMES NEW YORK)

11 a.m. Export Inspections - Corn, Soybeans, Wheat

2 p.m. USDA Daily Cattle and Hog Slaughter

Minneapolis wheat futures sink to six-month low

Posted by Flora Sawita Labels: Futures Wheat

Minneapolis wheat futures sank Friday, while US corn futures stabilised as traders waited to see whether rains bring relief to parched areas of South America.

Spring wheat at MGEX dropped below $8 a bushel for the first time since July before paring losses.

Traders were selling MGEX wheat and buying Chicago Board of Trade and Kansas City Board of Trade wheat futures in intermarket spreads, traders said.

"It looks like funds that were long Minneapolis are getting out," said Adam Knosalla, broker at Frontier Futures.

MGEX March wheat ended down 2.1%, or 17-1/2 cents, at $8.01 a bushel.

Corn steadied as meteorologists dialed down expectations for rain in Argentina, the world's second largest exporter of the grain.

Prices fell sharply on Thursday on forecasts for badly needed precipitation.

"You don't really know how the weekend's going to be," said Jack Scoville, analyst for Price Futures Group.

Traders are paying close attention to Argentina's weather because some of the corn crop is in the critical pollination stage of development.

They project export demand may shift to the United States if South American farmers suffer serious crop losses due to dryness.

Key growing areas of Argentina will likely receive 1/2 to 1-1/2 inches of rain early next week, not the 1 to 3 inches some forecasters were predicting on Thursday, said John Dee, president of Global Weather Monitoring.

"Those that were buying into the 1 to 3 inches yesterday are the ones that are saying, 'Oh, no, no, it's not as much rain' now," Dee said.

Chicago Board of Trade corn for March delivery ended unchanged at $6.43-1/2 a bushel.

Informa Economics, a closely watched crop forecaster, on Friday became the latest firm to cut its estimate for Argentina's crop due to the weather.

It lowered its outlook 11% from December to 24 million tonnes, below the US Department of Agriculture's last estimate of 29 million tons.