IKAR in Mass and Industry Media

Grains-soybeans ease ahead of u.s. data, russia forecasts weaken wheat

Reuters

* Grain markets await USDA supply-demand, export data

* Soybeans have been supported this month by China sales

* Wheat curbed by higher forecasts of Russian harvest

* Corn flat (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral

SINGAPORE, June 11 (Reuters) - Chicago soybean futures ticked lower on Thursday as traders awaited U.S. government crop data, after demand from China supported prices in recent days.

Wheat also eased, with increased forecasts of this year's Russian harvest, while corn was almost unchanged. Grain markets are watching for the U.S. Department of Agriculture's monthly world supply-demand report at 1600 GMT, preceded by weekly U.S. grain export sales figures at 1230 GMT.

The soybean numbers will be assessed to see if recent exports to China are helping to curb a U.S. surplus. Chinese state-owned Sinograin bought at least 120,000 tonnes of U.S. soybeans for shipment in December on Tuesday, traders said.

"The market, and beans in particular, might get a jolt from tonight's USDA crop report," said Tobin Gorey, director of agriculture strategy at Commonwealth Bank of Australia. The most-active soybean contract on the Chicago Board Of Trade was down 0.4% at $8.62-1/2 a bushel by 1138 GMT.

CBOT wheat was down 0.7% at $5.02-3/4 a bushel and corn was unchanged at $3.26-1/4 a bushel.

Wheat drew some support on Wednesday from signs of renewed international demand, with Egypt booking 120,000 tonnes of Russian wheat in a tender and Tunisia announcing a tender for Thursday.

But upward revisions by leading consultancies SovEcon and IKAR to their forecasts of this year's Russian wheat harvest tempered concern about the effects of a dry spring in Europe. An advancing U.S. harvest also curbed wheat prices.

Chas been capped by U.S. data on Monday showing an improvement in crop conditions as the crucial summer growth period approaches.

"After the (USDA) report data is digested, expect weather forecasts to be front and center," U.S. brokerage Allendale said.

Prices at 1138 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 502.75 -3.50 -0.69 558.75 -10.02 CBOT corn 326.25 0.00 0.00 387.75 -15.86 CBOT soy 862.50 -3.00 -0.35 955.50 -9.73 Paris wheat December 186.00 -1.00 -0.53 188.75 -1.46 Paris maize Aug 168.50 0.00 0.00 180.00 -6.39 Paris rape Aug 376.25 -2.00 -0.53 411.50 -8.57 WTI crude oil 37.94 -1.66 -4.19 61.06 -37.86 Euro/dlr 1.14 0.00 -0.10 1.1210 1.32 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

11.06.20

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