Chicago wheat trades little this morning after posting a four-day losing streak last session.
Soybeans and corn are losing ground after closing higher on Wednesday.
"The supply shortfall in the northern hemisphere is driving buyers to buy more Australian wheat," said Ole Houe, director of advisory services at brokerage firm IKON Commodities in Sydney. "But we have more, lower-quality wheat."
The wheat markets have skyrocketed in recent weeks due to the possibility of further export restrictions from the world market leader Russia.
Australian farmers are well on their way to harvesting a record 34.4 million tons of wheat this year, but early crop results show more lower quality grain due to adverse weather.
Buyers are fighting for high-quality milling wheat.
According to analysts and an export trader, Chinese importers bought loads of soybeans on Wednesday for shipment in December and January from the US Gulf Coast and Brazilian ports. The purchases of around three to four loads or up to around 240.000 tons were made after falling prices.
Commodity funds were net buyers of CBOT futures contracts on wheat, corn, soybeans and soybean meal on Wednesday, traders said.
Soybeans and corn are losing ground after closing higher on Wednesday.
"The supply shortfall in the northern hemisphere is driving buyers to buy more Australian wheat," said Ole Houe, director of advisory services at brokerage firm IKON Commodities in Sydney. "But we have more, lower-quality wheat."
The wheat markets have skyrocketed in recent weeks due to the possibility of further export restrictions from the world market leader Russia.
Australian farmers are well on their way to harvesting a record 34.4 million tons of wheat this year, but early crop results show more lower quality grain due to adverse weather.
Buyers are fighting for high-quality milling wheat.
According to analysts and an export trader, Chinese importers bought loads of soybeans on Wednesday for shipment in December and January from the US Gulf Coast and Brazilian ports. The purchases of around three to four loads or up to around 240.000 tons were made after falling prices.
Commodity funds were net buyers of CBOT futures contracts on wheat, corn, soybeans and soybean meal on Wednesday, traders said.
Source
Hansa Terminhandel GmbH
