Business

GRAINS-Chicago Grains recover from new lows to end the week higher

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By Cassandra Garrison

April 28 (Reuters)Chicago Grain and Soybean Futures ended higher on Friday after posting low fees earlier as traders anticipated large global supplies and monitored the weather in the United States.

Episodes of short hedging ahead of the weekend lifted contracts after corn, soybean and wheat futures all hit multi-month lows this week.

Recent rains in the drought-stricken US Plains and forecasts for others have eased concerns over hard red winter wheat, although doubts remain over the status of the fifth-largest exporter’s crop.

In a sign that more Ukrainian grain may hit the market, the European Commission said it had reached an agreement in principle to allow the resumption of the transit of Ukrainian cereals through five countries of the European Union which had imposed restrictions.

But the Kremlin retreatmentd its position that the is considering the Black Sea Grains Agreement he’s not very good.”

Chicago Board of Trade (CBOT) most active wheat contract Wv1gained 4 1/2 cents to settle at $6.33 3/4 a bushel. It touched $6.24-1/4 earlier in the week, the lowest since July 2021.

CBOT corn CV1settled 3-1/2 cents to $5.85 a bushel, recovering from $5.72 earlier in the week, a low not seen since July 2022.

Soy Sv1settled 15-1/2 cents at $14.19-1/4 a bushel, rebounding from a decline to $13.96-1/2 in the week, a low not seen since October 2022.

“We had good rains last weekend, but the big question remains what kind of harvest are we going to have in the southern plains,” said Dale Durchholz, commodities analyst at Grain Cycles.

The corn market was bumped by feared that a large Brazilian crop would divert demand from the United States.

A bumper crop of Brazilian soybeans is also expected to flow to export markets, offsetting a drought-hit crop in Argentina.

(Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Sherry Jacob-Phillips, Matthew Lewis and Diane Craft)

((Cassandra.garrison@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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