In Commodity News 16/06/2015
Chicago wheat futures fell to the lowest level in two weeks early on Monday, reflecting concerns over high supply and weak demand for U.S. cargoes.
FUNDAMENTALS
* Wheat for July delivery on the Chicago Board of Trade fell as low as $4.98-1/4 a bushel, its lowest since June 2. It was down 0.8 percent at $4.99-3/4 by 0041 GMT.
* Wheat slid 2.6 percent last week, dropping from a two-month high on Wednesday after the U.S. Department of Agriculture said heavy rains in the central and southern U.S. Plains would boost production in the area despite concerns over quality of the winter wheat crop.
* Egypt, the world’s top wheat buyer, last week bought 240,000 tonnes of Russian and Romanian wheat in a tender for July 11-20 shipment. The country said its strategic wheat reserves will last until early January.
* Argentina has authorized an additional 1 million tonnes in 2014/15 wheat exports, bringing the season’s approved export quota to about 4.7 million tonnes.
* CBOT corn tracked the weakness in wheat, hitting a two-week trough of $3.52 a bushel, and was last off 0.2 percent at $3.52-1/4.
* Soybeans edged up 0.2 percent to $9.42 per bushel.
* China, the world’s second-largest corn consumer, is likely to cut the government support price for the 2015/16 harvest to encourage greater use of domestic grain and bring down the volume of cheap imports, industry sources said.
MARKETS NEWS
* The euro slipped and Asian shares looked set to struggle after efforts on ending a deadlock between Greece and its creditors broke up in failure over the weekend.
