U.S. Wheat Slips After Earlier Rebound, Corn Slightly Down – Reuters

BEIJING, Dec 13 (Reuters) – Chicago wheat futures edged down on Monday, following a rebound of more than 1% in the previous trading session.

Corn was also trading slightly lower while soybeans were slightly up.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade was down 0.2% at $7.84 a bushel, as of 0137 GMT.

* The most-active corn contract dipped 0.1% to $5.90 a bushel, while soybeans inched up 0.1% to $12.69 a bushel.

* Algeria’s state grains agency has issued an international tender to buy milling wheat to be sourced from optional origins, European traders said on Sunday.

* The tender sought a nominal 50,000 tonnes but Algeria often buys considerably more in its tenders than the nominal volume sought.

* Iraq also plans to import two million tonnes of wheat next year, the director general of the Grain Board told reporters on Saturday, adding that the country would issue an international tender to buy 500,000 tonnes of wheat in December or early 2022.

* Commodity funds were net buyers of Chicago Board of Trade wheat, soybean and soymeal futures contracts on Friday and net sellers of soyoil, traders said.

MARKET NEWS

* The dollar was quiet at the start of a week in which central bank meetings, including by the Federal Reserve, will likely drive currency markets, while sterling fell slightly after Boris Johnson warned about the impact of the new COVID-19 variant.

* Oil prices rose on Monday, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant’s impact will be limited on global economic growth and fuel demand.

* Asian stocks crept higher on Monday as investors prepared to tiptoe through a minefield of 17 central bank meetings this week and the likely early end to U.S. policy stimulus.

DATA/EVENTS (GMT)

2350 Japan Machinery Orders M/M Y/Y Oct

2350 Japan Tankan business survey Q4

Reporting by Emily Chow; Editing by Devika Syamnath

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