By Tom Polansek
CHICAGO, Oct 25 (Reuters) – Chicago Board of Commerce wheat futures fell to a one-month low on Tuesday beneath stress from expectations for rain in dry international rising areas and for continued exports of Ukrainian grain from the Black Sea area.
Soybean and corn futures superior.
Climate forecasts for showers within the coming days in drought-affected wheat zones in Argentina and the U.S. Plains tempered provide considerations, merchants mentioned. Within the U.S. Midwest, rains will develop throughout delicate purple winter wheat fields over the following two days, “considerably bettering moisture for institution” of the crop, Commodity Climate Group mentioned.
Rains may ship a small profit to the Mississippi River, the place low water ranges are anticipated to proceed hampering grain shipments, analysts mentioned. Commodity Climate Group projected a “minor uptick” within the movement on the decrease Mississippi River.
Essentially the most-active CBOT wheat contract Wv1 ended down 4 cents at $8.34-3/4 a bushel. It earlier fell to its lowest since Sept. 20, beneath a earlier one-month trough touched final week.
CBOT soybeans Sv1, in the meantime, rose 10 cents to shut at $13.82 a bushel and corn Cv1 edged up 4-3/4 cents to $6.86-1/4 a bushel.
Sluggish U.S. wheat exports and aggressive costs for Russian and Ukrainian provides have loomed over wheat markets, offsetting worries {that a} United Nations-backed transport hall from Ukraine will not be prolonged past November.
Ukraine’s exports of agricultural merchandise might rise greater than 8% in October from final month, the Ukrainian Agrarian Council mentioned on Tuesday.
Juan Luciano, chief govt of grain dealer Archer-Daniels-Midland ADM.N, mentioned on anearnings callthat he sees “nothing vital that might derail” an extension of the Black Sea grain export hall for Ukrainian grain subsequent month.
(Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Enhancing by Aurora Ellis and Richard Pullin)
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