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Corn and soybeans decline ahead of US acreage report.

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SINGAPORE / PARIS – Chicago corn and

Soybean futures fell on Wednesday as traders adjusted positions.

prior to a US government report on stocks and acreage.

Wheat futures fell on expectations of higher production in

Russia, the world’s largest exporter.

“Meteorologists, discussing weather models a bit

erratic projections as of late, are developing a clearer view of July

climate, ”said Tobin Gorey, director of agricultural strategy at

Commonwealth Bank of Australia.

“The Northwest Midwest remains a region of concern as

The dry starting point will likely see further evolution of crop stress.

about a warm July. “

The most active corn contract on the Chicago Board of Trade

(CBOT) fell 1.8% to $ 5.38-3 / 4 a bushel at 1115 GMT while

soybeans fell 0.6% to $ 13.04-3 / 4 a bushel.

“Price levels for the 2021 harvest have logically favored

the increase in the area sown with these two crops. Tonight

publication should validate this hypothesis and highlight the

level of this increase ”, said the French consultancy Agritel.

Wheat lost 0.5% to $ 6.42-3 / 4 a bushel.

The U.S. Department of Agriculture (USDA) on Wednesday is

It is expected to increase its estimate of corn plantations by approximately 3%.

as of March, according to a Reuters analyst poll. Soybean

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plantations increase 1.5% since March.

Fears remain about the risk of hot and dry weather as

cereal stocks are low.

Analysts expect the USDA to report Wednesday that corn

and soybean inventories on June 1 fell 17% and 43%,

respectively, one year earlier.

The USDA, in a weekly report on Monday, rated 64% of the

US Corn Harvest Good to Excellent Condition, 1 Percent Down

point from the previous week and below analysts’ expectations. Alone

20% of spring wheat was rated good to excellent, less than a week.

previous and analyst expectations.

Russian agricultural consultancy IKAR said Tuesday that it had

raised its wheat production forecast for 2021 to 83.6 million

tons of 82 million tons.

He also said he sees Russia’s wheat exports at 39 million.

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tons this year.

Commodity funds were net buyers of CBOT corn, soybeans and

soybean oil futures contracts on Tuesday, and net sellers of wheat

and soybean meal contracts, traders said.

Prices at 1115 GMT

Last change Final percentage of 2020 Ytd

Move Pct

Move

Wheat CBOT 642.75 -3.50 -0.54 640.50 0.35

CBOT corn 538.75 -9.75 -1.78 484.00 11.31

CBOT soybeans 1304.75 -7.75 -0.59 1311.00 -0.48

Paris wheat 201.75 -1.00 -0.49 213.25 -5.39

Corn from Paris 238.50 -0.25 -0.10 219.00 8.90

Colza Paris 519.75 -6.50 -1.24 418.25 24.27

Crude oil WTI 73.98 1.00 1.37 48.52 52.47

Euro / dlr 1.19 0.00 -0.09 1.2213 -2.69

Most active contracts: wheat, corn and soybeans US cents / bushel, Paris

futures in euros per ton

(Reporting by Naveen Thukral and Sybille de La Hamaide, Edition

by Kirsten Donovan)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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