April 5 (Reuters) – Chicago wheat futures dipped in Asian trading on Wednesday, extending losses from the previous session, as an enhancing weather condition outlook balanced out fret about bad U.S. winter season crop conditions, while soybeans and corn were a little firmer.
* The most-active wheat agreement on the Chicago Board of Trade (CBOT) Wv1 was down 0.5% at $6.88-1/ 4 a bushel, since 0324 GMT. Soybeans Sv1 acquired 0.3% to $15.21-3/ 4 a bushel, while corn Cv1 edged up 0.1% to $6.54-1/ 4 a bushel.
* The U.S. Department of Agriculture (USDA) in its very first weekly crop development report of the 2023 growing season ranked 28% of U.S. winter season wheat in “good-to-excellent” condition, the most affordable rating for the time of year in records dating to 1989.
* However, enhancing weather report reduced issues about planting in the United States, with a rely on warmer and drier conditions later on today predicted following blizzard cautions on Tuesday throughout the majority of the northern Plains spring wheat belt.
* The USDA likewise stated the U.S. corn crop was 2% planted by Sunday, in line with trade expectations and the five-year average.
* Argentina is set to lose its status as the world’s leading exporter of processed soy meal due to the toll of historical dry spell on the nation’s primary money crop, a significant exchange stated on Tuesday.
* Commodity funds were net sellers of Chicago Board of Trade soybeans, soymeal, corn, soyoil, and wheat futures agreements on Tuesday, traders stated. COMFUND/CBT
Weather MARKET NEWS
* Stocks had a hard time to gain ground on Wednesday, the dollar nursed losses and bonds hold on to gains, as indications of a slowing U.S. labour market made financiers worried about the financial outlook, while a bigger-than-expected rate walking raised the kiwi dollar. MKTS/GLOB
Weather DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM Feb
0600 Germany Manufacturing O/P Cur Price SA Feb
0600 Germany Consumer Goods SA Feb
0750 France S&P Global Serv, Comp PMIs March
0755 Germany S&P Global Serv PMI March
0755 Germany S&P Global Comp Final PMI March
0800 EU S&P Global Serv, Comp Final PMIs March
0830 UK Composite PMI Final March
0830 UK Reserve Assets Total March
1230 United States International Trade Feb
1345 United States S&P Global Serv, Comp Final PMIs March
1400 United States ISM N-Mfg PMI March
(Reporting by Enrico Dela Cruz in Manila)
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