Chicago grains steady with weather, data in focus

A further easing in the dollar after multi-month highs earlier this week lent support to grains.

wheat-money-close-up
Photo: iStock: simazoran

By Gus Trompiz and Naveen Thukral

PARIS/SINGAPORE, April 4 (Reuters) - Chicago corn, wheat and soybeans ticked higher on Thursday, consolidating after a day-earlier rebound as market participants awaited further pointers on U.S. spring planting and turned their attention to U.S. jobs data.

The most-active corn contract on the Chicago Board of Trade (CBOT) <Cv1> was up 0.2% at $4.32-3/4 a bushel, as of 1119 GMT.

CBOT wheat <Wv1> rose 0.2 to $5.57 a bushel and soybeans <Sv1> inched up 0.1% to $11.83-1/4 a bushel.

All three crops had rallied on Wednesday, with corn and soybeans recovering from their lowest in around a month.

A further easing in the dollar after multi-month highs earlier this week lent support to grains.

But crude oil paused after a rally this week on supply risks. [O/R]

Traders are monitoring weather in the U.S. Midwest ahead of corn planting that is due to ramp up over the coming weeks.

While rain and snow in the central corn belt are expected to boost soil moisture reserves, there are forecasts of higher temperatures later this month that could help field work.

The U.S. Department of Agriculture on Monday rated the U.S. winter wheat crop at its highest early spring level in five years, and crop-boosting rains are forecast for the southern U.S. Plains wheat belt.

In Russia, firmer prices, dry weather and reports of regulatory delays to export shipments have lent support to international wheat markets.

But concerns about the world's top wheat supplier were tempered by signs that export flows remain large and a denial from trading firm Aston that some of its shipments had been halted.

Traders will get an update on demand for U.S. crops from weekly export sales data later on Thursday.

Investors are also turning their attention to monthly U.S. employment data on Friday that will offer another clue on the timing of expected interest rate cuts. [MKTS/GLOB]

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Sherry Jacob-Phillips and David Evans)

Was this page helpful?

Related Articles