Chicago corn, wheat and soybeans were little changed on Tuesday as worries about the Omicron coronavirus variant eased and grain traders awaited direction from U.S. government crop forecasts. Grain markets were also watching for the outcome of a call between U.S. President Joe Biden and Russian counterpart Vladimir Putin as a gauge of tensions over Ukraine, which like Russia is a major grain exporter through the Black Sea. read more Dry growing weather in southern Brazil and Argentina continued to lend support to corn and soybean markets, while an upturn in Chinese demand also helped soy prices. Wheat was pausing after liquidation by investment funds in the past week, with traders assessing the possible effects of Russia"s plans to add an export quota to a tax on shipments as the world"s largest wheat supplier tries to cool domestic prices. The most-active soybean futures on the Chicago Board Of Trade were down 0.1% at $12.59-3/4 a bushel by 1229 GMT. "News about drought in Brazil is lending buoyancy," Commerzbank said in a note. Brazil"s 2021/22 soybean crop is progressing well in most of the country, but a recent lack of rains is a concern in some southern states, consultancy AgRural said on Monday. China"s soybean imports rose sharply in November from the previous month, as more shipments from the United States arrived, customs data showed on Tuesday. read more However, the outlook for Chinese demand for pig feed remained uncertain, with the farm ministry expecting pig prices to fall in the new year if production is not cut substantially. Uncertainty over the impact of the Omicron variant and the strength of Chinese import demand have added interest to the U.S. Department of Agriculture"s monthly world supply and demand estimates due on Thursday. Traders are also watching to see if the USDA adjusts its world wheat outlook in view of Russia"s quota plans and as Australia is set to harvest a large, mixed-quality crop. CBOT corn was virtually unchanged at $5.83-1/4 a bushel while wheat inched down 0.4% to $8.03 a bushel. Prices at 1229 GMT Last Change Pct Move End 2020 Ytd Pct Move CBOT wheat 803.00 -3.25 -0.40 640.50 25.37 CBOT corn 583.25 -0.25 -0.04 484.00 20.51 CBOT soy 1259.75 -1.75 -0.14 1311.00 -3.91 Paris wheat 291.50 -0.25 -0.09 195.50 49.10 Paris maize 247.75 1.50 0.61 219.00 13.13 Paris rape 686.75 6.75 0.99 418.25 64.20 WTI crude oil 71.66 2.17 3.12 48.52 47.69 Euro/dlr 1.13 0.00 -0.28 1.2100 -7.00 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne Reporting by Gus Trompiz in Paris and Colin Packham in Canberra; editing by Sherry Jacob-Phillips and Jason Neely Our Standards: The Thomson Reuters Trust Principles.
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