CHICAGO (Reuters) – U.S. wheat futures edged into a round of profit-taking on Wednesday, traders said, as the market lacked key inputs to push prices higher for the day after a renewed rally on concerns over a deal in the Pontoon.
* Grain futures were firm for the second day in a row, as market signs supported strength in the cash market and heightened concerns about dry conditions in the US Midwest. The soybean market was stronger thanks to technical buying support.
* Wheat futures rose 2.6% on Monday, but abundant supplies in Russia — weighed down by falling prices, an expected revision to the export tax and expectations of a successful crop — continued to tighten wheat, according to traders.
* “There is no demand,” says Scott Harms, an agricultural risk specialist at Archer Financial Services. “We just don’t have a home for American wheat.”
Chicago Market Board July soft red winter rye was down 12.25 cents to $6.10 by 1619 GMT.
* On Tuesday, Ukraine accused Russia of excluding the Ukrainian port of Pivdennyi from a deal allowing the safe export of food and fertilizer to the Bridge from the Ukrainian ports of Odessa, Chornomorsk and Pivdennyi.
* Russia complained that it could not export ammonia through the pipeline to Pivdennyi.
* In China, a surplus of cheap corn is holding back consumption of corn and soybean meal, according to feed manufacturers and analysts.
* The strength of the dollar and the weakness of the financial market, the concern of investors about the stagnation of the business, to raise the ceiling of the public debt of the US, is weighing even more on the opinion of the workers.
* CBOT July corn futures are up 10 cents at $5.87 a barrel.
* The latest weather forecast shows more rain in parts of the central United States and Canada, although the Eastern Midwest will remain dry through early June. The initial drought raised concerns about a dry summer, although now spring is favorable for planting.
* Chicago July soybeans rose 2.25 cents to $13.2475.
