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GRAINS-Chicago corn, wheat slip ahead of Christmas break
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GRAINS-Chicago corn, wheat slip ahead of Christmas break
Dec 23, 2024 6:38 PM

BEIJING, Dec 24 (Reuters) - Chicago corn and wheat eased

on Tuesday, while soybeans firmed as traders set final positions

before the Christmas holiday break, with a stronger dollar

weighing on the market.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of

Trade traded fell 0.06% to $4.47-4/8 a bushel at 0133 GMT.

Wheat shed 0.42% to $5.38 a bushel.

* CBOT soybeans rose 0.13% to $9.77 a bushel.

* The U.S. dollar was perched near a two-year peak of

108.54 on Tuesday as the prospect of higher-for-longer U.S.

interest rates remained on top of investors' minds.

* Exporters sold 132,000 metric tons of U.S. corn to unknown

destinations and 132,000 metric tons of U.S. soybeans to China,

all for 2024-25 delivery, the U.S. Department of Agriculture

said.

* Warmer-than-usual weather throughout the European part of

Russia at the end of December will complicate the overwintering

of grains, the state weather forecasting agency said on Monday,

adding to concerns over Russia's winter crops.

* Russia, the world's largest wheat exporter, said on Friday

its wheat and meslin export quota in the second half of the

exporting season will stand at 10.6 million metric tons,

implying exports would be sharply reduced next year.

* Sovecon agriculture consultancy said that Russian wheat

exports will fall by 17% to 36.4 million tons in the 2025-26

export season on poor harvest and low carry-over stocks.

* Russia's grain export potential is seen at 45 million

metric tons in 2025, including 40 million tons of wheat, the

country's Grain Exporters and Producers Union said.

* Russian wheat export prices were largely unchanged last

week amid declining activity, with poor weather at ports also

affecting weekly export volumes, which fell to a year-low,

analysts said.

* Commodity funds net bought CBOT corn, wheat and soyoil

futures contracts on Monday, traders said. Funds net sold

soybean and soymeal futures contracts.

MARKETS NEWS

* A global equity index rose on Monday with help from Wall

Street and U.S. Treasury yields climbed to an almost seven-month

high, while data showed a deterioration in U.S. consumer

confidence and investors prepared for fewer Federal Reserve rate

cuts in 2025.

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