MARKET DEVELOPMENT
GRAINS-Soybeans ease after rally as demand, Ukraine war weighed
GRAINS-Soybeans ease after rally as demand, Ukraine war weighed
24.03.2022 (www.nasdaq.com) - By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, March 24 (Reuters) - Chicago soybean futures eased on Thursday after a three-day rally fuelled by exports, as investors awaited developments in Russia's month-old invasion of Ukraine.
Corn and wheat were also lower.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.5% at $17.10-1/2 a bushel by the end of the overnight session.
Crude oil and palm oil, which both influence oilseed markets like soybeans, lost ground. O/RPOI/
However, brisk exports for U.S soybeans kept the market underpinned, traders said.
Investors were monitoring a meeting of Western leaders as the Ukraine conflict entered its second month with no sign of an imminent ceasefire. MKTS/GLOB
The war has stirred crop markets by stalling massive supplies of wheat, corn and sunflower oil through the Black Sea.
CBOT corn Cv1 fell 0.4% to $7.54-1/2 a bushel, while wheat Wv1 slipped 1.3% to $10.91-1/2 a bushel.
Chicago wheat was pressured by sluggish exports, which suggested the United States was yet to pick up additional demand to replace Black Sea supplies.
While the war has made Ukrainian crop prospects uncertain, in Russia weather has favoured winter grains so far, signalling good prospects for the 2022 crop, state weather forecaster Hydrometcentre said on Wednesday.
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Susan Fenton)
((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))