Investing.com – Wheat futures were down for a second day on Thursday, as Russia was set to return to the export market, while favorable weather in the U.S. eased concerns over deteriorating crop conditions.
On the Chicago Mercantile Exchange, wheat futures for September delivery traded at USD6.1988 a bushel during European morning trade, slumping 1%.
It earlier fell as much as 1.1% to hit a daily low of USD6.1925 a bushel.
Egypt’s General Authority for Supply Commodities, the state’s main wheat buyer, set a tender to buy wheat from global suppliers on Wednesday, including Russia in the mix for the first time since the country let a ban on exports expire on July 1.
Russia, once the world’s second largest wheat exporter, introduced a ban on grain exports last August after the worst drought in at least half a century wiped out 37% of its wheat crops.
Moscow-based industry group SovEcon said on Wednesday that exports of all grains from Russia’s southern Black Sea port of Novorossiysk will probably reach more than 600,000 metric tons in July.
Agribusiness financial service provider Rabobank said in a report earlier that, “U.S. wheat is facing stiff competition from Russian suppliers”, adding that Russian wheat was expected to be “priced competitively with U.S. and French wheat”.
Meanwhile, the U.S. National Weather Service said that it expected warm temperatures and some rainfall across major spring-wheat growing areas in the U.S. Great Plains in the ten days from July 6, aiding spring-wheat crops and potentially boosting the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report published Tuesday that only 13% of the U.S. spring-wheat crop was rated in ‘excellent’ condition as of July 3, compared to 18% in the same week a year earlier.
The U.S. is the world’s biggest exporter of the grain.
Elsewhere, corn for September delivery was relatively unchanged, dipping 0.02% to trade at USD6.1900 a bushel, while soybeans for August delivery edged 0.15% higher to trade at USD13.2475 a bushel during European morning trade.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
On the Chicago Mercantile Exchange, wheat futures for September delivery traded at USD6.1988 a bushel during European morning trade, slumping 1%.
It earlier fell as much as 1.1% to hit a daily low of USD6.1925 a bushel.
Egypt’s General Authority for Supply Commodities, the state’s main wheat buyer, set a tender to buy wheat from global suppliers on Wednesday, including Russia in the mix for the first time since the country let a ban on exports expire on July 1.
Russia, once the world’s second largest wheat exporter, introduced a ban on grain exports last August after the worst drought in at least half a century wiped out 37% of its wheat crops.
Moscow-based industry group SovEcon said on Wednesday that exports of all grains from Russia’s southern Black Sea port of Novorossiysk will probably reach more than 600,000 metric tons in July.
Agribusiness financial service provider Rabobank said in a report earlier that, “U.S. wheat is facing stiff competition from Russian suppliers”, adding that Russian wheat was expected to be “priced competitively with U.S. and French wheat”.
Meanwhile, the U.S. National Weather Service said that it expected warm temperatures and some rainfall across major spring-wheat growing areas in the U.S. Great Plains in the ten days from July 6, aiding spring-wheat crops and potentially boosting the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report published Tuesday that only 13% of the U.S. spring-wheat crop was rated in ‘excellent’ condition as of July 3, compared to 18% in the same week a year earlier.
The U.S. is the world’s biggest exporter of the grain.
Elsewhere, corn for September delivery was relatively unchanged, dipping 0.02% to trade at USD6.1900 a bushel, while soybeans for August delivery edged 0.15% higher to trade at USD13.2475 a bushel during European morning trade.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.