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US Plains HRW Wheat-Wheat bids mostly steady amid ongoing harvest

Spot basis bids for hard red winter (HRW) wheat remained mostly steady on Friday as farmers turned their attention to a harvest that is well underway in large swathes of the U.S. Plains. The basis bid increased by 5 cents at a terminal in Newton, Kansas. Dealers and traders are awaiting Monday’s U.S. Department of Agriculture crop progress report, which will assess condition ratings and harvest progress for the country’s hard red winter wheat crop. The previous week’s USDA report showed the wheat harvest is gaining steam. Protein premiums for ...

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Ukraine starts 2024 grain harvest, minister says

Farmers in southern regions of Ukraine have started the 2024 grain harvest, the country’s acting agriculture minister Taras Vysotskiy said on Saturday. Ukraine traditionally starts harvesting grain in the second half of June. Vysotskiy said on Friday that the ministry had increased its forecast for the 2024 grain harvest to 56 million metric tons from the previous estimate of 52.4 million tons. The harvest could include 21 million tons of wheat, 28.5 million tons of corn and 5 million tons of barley, according to the revised forecast. Source: Reuters (Reporting ...

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CIF/FOB Gulf Grain-Gulf soybean basis bids turn higher, corn steady to lower

Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were higher on Friday, and soybean-export premiums ended on a strong note, ahead of a heat wave forecast to hit the U.S. Midwest next week, traders said. Basis bids for corn were steady to lower. The National Weather Service said high temperatures reaching into the mid-90s degree Fahrenheit (mid-30s degree Celsius) could be seen in parts of the Midwest next week. The heat wave had some traders closely watching for what impacts such weather could have on this ...

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Corn and soy basis firm amid demand uptick

Spot basis bids for corn and soybeans delivered to elevators and processors around the U.S. Midwest firmed slightly on Friday as buyers tried to entice selling amid increased demand from the U.S. Gulf. * Corn and soy bids ticked up by 1 cent at a river terminal in Davenport, Iowa. * Heat and dryness are expected across the southeastern and eastern corn belt over the next 15 days, increasing stress on corn and soybean crops, analysts said. * The U.S. Department of Agriculture is slated to release weekly crop-progress data ...

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French wheat crop conditions steady, maize sowing nears end

Crop condition ratings for French soft wheat were steady last week while farmers neared the end of maize planting, data from farm office FranceAgriMer showed on Friday, as a sunny spell brought some relief to grain belts after a damp spring. Some 62% of soft wheat was estimated to be in good or excellent condition by June 10, unchanged from a week earlier butdown from 85% a year earlier, FranceAgriMer said in a cereal report. The paceremained the lowest for the time of year since 2020, when French wheat crops ...

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Copper drops on dollar and inventories; nickel hits two-month low

Copper prices slipped and nickel touched its lowest in more than two months on Friday, pressured by a firm dollar and rising inventories that highlighted a supply surplus. Three-month copper CMCU3 on the London Metal Exchange lost 0.2% to $9,779 a metric ton in official open-outcry trading. “In metals, risk appetite has faded recently, but that was necessary after a very strong move that was not justified at the time,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Copper has given up 12% since touching a ...

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Palm trades sideways ahead of holidays; down weekly

Malaysian palm oil futures traded sideways on Friday, ahead of a long weekend, as investors mulled over lower rival oil prices and a weaker ringgit. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange closed up 10 ringgit, or 0.25%, to 3,946 ringgit ($836.55) a metric ton. The contract, however, dipped 0.73% this week to mark its second week-on-week decline. Palm oil was seen trading sideways ahead of a long weekend as the Bursa Malaysia Derivatives Exchange will be closed on Monday for the ...

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Argentina wheat planting shows fast progress, except in north

Wheat planting in Argentina jumped sharply in the last week thanks to dry weather in much of the South American country, the Buenos Aires Grains Exchange (BdeC) reported on Thursday. Argentina is a key wheat exporter and saw its 2024/25 wheat sowing advancing 20.6 percentage points during the last week, bringing the planted area for the cereal to 46.3% of the 6.2 million hectares planned, the BdeC said in its weekly crop report. The grains exchange also warned that dry conditions were becoming a concern north of the country. “In ...

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French soft wheat rated 62% in good or excellent condition by June 10

Ratings of French soft wheat showed 62% of the crop in good or excellent condition by June 10, unchanged from a week earlier and down from 85% a year earlier, farm office FranceAgriMer said on Friday. The rating was the lowest for the time of year since 2020, when French wheat crops were also affected by heavy rain during planting, data showed in a cereal report published by FranceAgriMer. Source: Reuters (Reporting by Nathan Vifflin and Olivier Cherfan, Editing by David Goodman)

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Iron ore extends gains; falls for a third week on China demand woes

Iron ore futures rose for a second straight session on Friday, supported by higher-than-expected hot metal output, although demand concerns and high portside stocks in top consumer China pushed prices down for a third straight week. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.97% higher at 827.50 yuan ($114.05) a metric ton. However, the contract has dropped 1.7% for the week so far. The benchmark July iron ore SZZFN4 on the Singapore Exchange climbed 0.23% to $107.1 a ton, as of 0718 ...

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Chicago Grains Ease With Weather In Focus

Chicago corn eased on Friday after hittinga two-week high a day earlier while wheat and soybeans fell back towards one-month lows as the dollar gained ground and traders assessed mixed crop weather worldwide. Traders are monitoring U.S. weather as corn crops approach a key development period in July while winter wheat harvesting is gathering pace. Forecasts showing rising temperatures and limited rain in part of the Midwest in the week ahead has raised some concern about stress for corn plants, though the crop is currently in good condition like soybeans. ...

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Ukraine grain production to remain unprofitable in 2024, ministry says

Grain cultivation in Ukraine will remain unprofitable in 2024 owing to the Russian invasion, though losses will be less significant than in 2023, the Ukraine agriculture ministry said on Friday. Ukraine is a major global grain and oilseed grower and exporter, but its harvests and exports have declined since Russia invaded the country in February 2022. “The improvement in profitability compared to the previous period is due to the restoration of export sea routes,” a ministry statement said. The sea routes had reduced the cost of logistics and boosted returns ...

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China’s vast copper overhang will clear, one way or another

The massive overhang of copper in China is starting to work its way through the global market dynamics for the industrial metal, with prices easing and trade flows likely to adjust. Stockpiles have surged this year in China, which imports about 60% of global traded copper, carrying inventories CU-STX-SGH registered with the Shanghai Futures Exchange (ShFE) to a 51-month high of 339,964 metric tons in the week to June 7. Stockpiles in China usually follow a distinct seasonal patter, with strong builds at the start of the year, followed by ...

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Strategie Grains cuts EU wheat crop forecast as harvesting starts

Strategie Grains lowered its monthly forecast for this year’s soft wheat crop in the European Union, confirming its expectation for a four-year low in production as harvesting gets under way. The consultancy now sees 2024/25 soft wheat production in the 27-country bloc at 121.8 million metric tons, 1.7 million tons less than it projected in May. The consultancy’s latest projection is 3.6% below last year’s output and would be the lowest since 2020/21 when the crop was also affected by heavy rain during the growing season. In a summary of ...

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WASDE: USDA raises 2024-25 global corn output estimate

The US Department of Agriculture made no change to the US corn outlook for the marketing year 2024-25 (September-August) relative to last month, the World Agricultural Supply and Demand Estimates report, published June 12, said. The unchanged outlook was in line with the forecast of analysts at S&P Global Commodity Insights. The department kept its outlook for corn used for ethanol unchanged at 5.45 billion bushels. The season average farm price for US 2024-25 corn was stable at $4.40/bu. Meanwhile, the department marginally increased MY 2024-25 global corn production by ...

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