Wheat heads for 4th straight weekly loss on Black Sea export hopes

By Reuters News

CANBERRA, Sept 25 (Reuters) - Chicago wheat futures fell on Friday and were on track for their fourth straight weekly decline as traders hoped for a revival of exports from the Black Sea and the US dollar strengthened, making US crops less competitive globally.

Corn and soybean futures also moved lower, with corn headed for a weekly fall, as market participants waited to see whether a US-China summit would produce Chinese commitments to buy US agricultural goods.

FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 2.2% at $6.91-3/4 a bushel at 0125 GMT and trading at its lowest levels in a month.

* Prices were down 3.1% so far this week and have fallen from a 3-1/2-year high of $7.95 at the start of September.

* CBOT soybeans lost 0.7% to $13.08-1/4 a bushel but were up 0.3% from last week's close. Corn slipped 1.2% to $5.21 a bushel - its lowest in a month - and was 1.3% down over the week.

* The US dollar was up slightly after rising sharply against a basket of major peers in recent weeks. .DXY FRX

* Traders focused on renewed diplomatic efforts to end the Ukraine war and re-establish the Black Sea grain export corridor, which Turkey said it was stepping up efforts to achieve.

* Russian and Ukrainian attacks on each other's grain shipments have hampered exports and lifted global prices.

* Yelena Tyurina, chief analyst at the Russian Grain Union, estimated that Russia would export 1 million metric tons of wheat in September compared to 5.7 million tons in September 2025.

* CBOT wheat prices on the most-traded contract continuous series fell below their 50-day moving average for the first time since July, in a bearish technical signal.

* In other crops, soybean processors in the western US Midwest are offering hefty premiums for immediate deliveries as persistent rains delay the early harvest.

* Brazil's 2026/27 soybean crop is expected to total 173.75 million metric tons, 3.3% less than the previous season, agribusiness consultancy Patria AgroNegocios said.

MARKETS NEWS

* Bond markets came under renewed pressure on Thursday with US 30-year bond yields hitting a more than 20-year high as rising oil prices reignited concerns about higher inflation and more Federal Reserve interest rate hikes. MKTS/GLOB

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