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Evening markets: Egypt order rescues wheat

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Wheat led the way on Thursday, in Chicago at least, helped by an Egyptian purchase which took away some of the market bitterness which affected other crops.

Egypt, one of the world's biggest grain importers, split a 120,000-tonne order half and half between Russian supplies and US soft red winter wheat, the type traded in Chicago.

The order helped September wheat add 7.25 cents to $4.78 ¼ a bushel at 17:30 GMT, raising its recovery from last week's 2009 low to 4.4%.

December wheat added 8 cents to $50.6 ¾ a bushel, looking for its first close above $5 a bushel for nearly two weeks.

Farmer rejection

However, it was a different story in Europe, where Paris milling wheat took umbrage at Egyptian rejection, shedding E1.75 to E129.00 for November delivery.

And this despite Germany forecasting a weaker crop than analysts had thought.

London wheat did better, adding £0.50 to £100.50 a tonne as farmers continued to reject low offers in favour of holding on their stockpiles.

Strike factor?

It was a different story elsewhere in Chicago too, with soybeans ignoring the prospect of a farmers' strike in Argentina, which in normal years might be viewed as rather bullish.

Argentina is, after all, normally a big rival to the US in soybean exports, but has suffered a downturn in trade following a drought-plagued harvest.

Instead, traders focused on further good US growing weather, raising the chances of a huge crop.

External markets were not helpful either, with oil sliding on data showing larger-than-expected crude stocks, and stocks out of favour too after a disappointing US industrial orders report. The dollar, meanwhile, strengthened, making US exports more expensive.

September soybeans stood 2 cents lower at $10.89 a bushel with the November contract down 3.25 cents at $9.95 ½ a bushel.

Corn was similarly depressed, off 2 cents at $3.19 ½ a bushel for September, and down 1.25 cents to $3.25 ½ a bushel for December.

By Agrimoney.com

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