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Wheat falls from two-month excessive as U.S. averts rail shutdown

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CHICAGO — U.S. grain and soybean futures weakened on Thursday, with profit-taking dragging Chicago wheat costs down from a two-month excessive, merchants mentioned.

A tentative settlement to avert a U.S. rail shutdown added strain on wheat futures, mentioned Matt Wiegand, a danger administration guide and commodity dealer at FuturesOne.

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Earlier than the deal, some merchants thought a shutdown would enhance demand for wheat for use as livestock feed within the U.S. Plains as a result of railroads wouldn’t be been in a position to transport corn to the area for feed, Wiegand mentioned.

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“The massive factor is wheat right this moment, with the rail strike being averted,” he mentioned.

Most-active Chicago Board of Commerce wheat futures have been down 27-1/4 cents at $8.45 a bushel by 12:50 p.m. CDT (1750 GMT). The market retreated after hitting its highest stage since July 11 at $8.84-3/4 earlier within the session.

CBOT corn was 4-1/4 cents decrease at $6.78 a bushel, whereas soybeans slipped 2-1/2 cents to $14.52-1/2 a bushel.

Accelerating U.S. corn and soybean harvests hung over the markets, merchants mentioned.

The U.S. Division of Agriculture issued 4 weeks’ value of weekly export gross sales knowledge, after suspending experiences on account of issues with a brand new reporting system.

Exporters bought a web 583,100 tonnes of U.S. corn within the week ended Sept. 8 for cargo within the 2022/23 advertising and marketing yr, consistent with commerce estimates, the USDA mentioned.

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The company mentioned exporters bought a web 843,000 tonnes of U.S. soybeans within the week ended Sept. 8 for cargo within the 2022/23 advertising and marketing yr and 30,000 tonnes for 2023/24, additionally consistent with commerce estimates.

Individually, the U.S. soybean crush dropped by almost 3% in August and fell in need of the common commerce forecast, whereas soyoil shares on the finish of the month hit a 14-month low, in response to Nationwide Oilseed Processors Affiliation (NOPA) knowledge.

(Reporting by Tom Polansek in Chicago, Enrico Dela Cruz in Manila and Sybille de La Hamaide in Paris; Modifying by Emelia Sithole-Matarise and Elaine Hardcastle)


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