Writer of the article:

Reuters

CHICAGO — U.S. grain and soybean futures weakened on Thursday, with profit-taking dragging Chicago wheat costs down from a two-month excessive, merchants mentioned.

A tentative settlement to avert a U.S. rail shutdown added strain on wheat futures, mentioned Matt Wiegand, a danger administration guide and commodity dealer at FuturesOne.

Monetary Publish High Tales

Signal as much as obtain the each day prime tales from the Monetary Publish, a division of Postmedia Community Inc.

By clicking on the enroll button you consent to obtain the above publication from Postmedia Community Inc. It’s possible you’ll unsubscribe any time by clicking on the unsubscribe hyperlink on the backside of our emails. Postmedia Community Inc. | 365 Bloor Avenue East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Earlier than the deal, some merchants thought a shutdown would enhance demand for wheat for use as livestock feed within the U.S. Plains as a result of railroads wouldn’t be been in a position to transport corn to the area for feed, Wiegand mentioned.

Commercial 2

“The massive factor is wheat right this moment, with the rail strike being averted,” he mentioned.

Most-active Chicago Board of Commerce wheat futures have been down 27-1/4 cents at $8.45 a bushel by 12:50 p.m. CDT (1750 GMT). The market retreated after hitting its highest stage since July 11 at $8.84-3/4 earlier within the session.

CBOT corn was 4-1/4 cents decrease at $6.78 a bushel, whereas soybeans slipped 2-1/2 cents to $14.52-1/2 a bushel.

Accelerating U.S. corn and soybean harvests hung over the markets, merchants mentioned.

The U.S. Division of Agriculture issued 4 weeks’ value of weekly export gross sales knowledge, after suspending experiences on account of issues with a brand new reporting system.

Exporters bought a web 583,100 tonnes of U.S. corn within the week ended Sept. 8 for cargo within the 2022/23 advertising and marketing yr, consistent with commerce estimates, the USDA mentioned.

Commercial 3

The company mentioned exporters bought a web 843,000 tonnes of U.S. soybeans within the week ended Sept. 8 for cargo within the 2022/23 advertising and marketing yr and 30,000 tonnes for 2023/24, additionally consistent with commerce estimates.

Individually, the U.S. soybean crush dropped by almost 3% in August and fell in need of the common commerce forecast, whereas soyoil shares on the finish of the month hit a 14-month low, in response to Nationwide Oilseed Processors Affiliation (NOPA) knowledge.

(Reporting by Tom Polansek in Chicago, Enrico Dela Cruz in Manila and Sybille de La Hamaide in Paris; Modifying by Emelia Sithole-Matarise and Elaine Hardcastle)