USA Dollar

Wheat futures fall as US dollar holds near 5-1/2-month high


CANBERRA, April 15 (Reuters) – Chicago wheat futures
fell on Monday as a strong dollar made U.S. exports more
expensive for overseas buyers, while other currencies and large
shipments from Russia underlined plentiful global supply.

Corn and soybean futures also edged lower.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of
Trade (CBOT) was down 0.5% at $5.53 a bushel by 0101 GMT,
while CBOT soybeans fell 0.1% to $11.72-1/2 a bushel and
corn slipped 0.2% to $4.34-3/4 a bushel.

* All three contracts are near their lowest levels since
2020 amid ample supply and large bearish bets by speculators.

* The U.S. dollar held near Friday’s 5-1/2-month high,
potentially dampening export demand.

* Repeated Russian attacks on Ukrainian energy
infrastructure threaten to disrupt Black Sea exports, but
Russian and Ukrainian grain has so far continued to flow, with
Russia shipping record volumes.

* Ukraine’s national railway has extended a ban on
transportation in the direction of the large Black Sea port of
Chornomorsk until April 17, the company said on Friday.

* The condition of French soft wheat declined slightly for a
second week to remain at its poorest in four years, data from
farm office FranceAgriMer showed.

* In corn markets, China could cancel more shipments from
Europe to ease supply pressure on the domestic market, China
Grain Net, an information provider affiliated with state
stockpiler Sinograin, said on Friday.

* In soybeans, China’s soybean imports in March tumbled to
5.54 million metric tons, the lowest for the month in four
years, data showed on Friday, as high prices and poor hog
margins discouraged crushing for feed consumption.

* China’s cereal and oilseed imports, however, are still
expected to remain near record highs this year.

* U.S. soy processors crushed more soybeans in March than
any month on record, although the daily pace slowed slightly
from February, analysts said, ahead of Monday’s National Oilseed
Processors Association (NOPA) report.

* Ukrainian farmers have started this year’s corn sowing,
seeding the first 120,000 hectares, as of April 11, agriculture
ministry data showed on Friday.

MARKETS NEWS

* Gold prices rose on Monday, attracting some safe-haven
bids, while oil prices were choppy after Iran’s retaliatory
attack on Israel over the weekend stoked fears of a wider
regional conflict and kept traders on edge.

(Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)



Source link

Leave a Response