Soybeans ease on forecast of improved South American weather
Soybeans down after climbing to their highest in two months
Forecasts of rains in Brazil adding pressure on prices
Adds comment in paragraph 3, updates prices
By Naveen Thukral
SINGAPORE, Sept 25 (Reuters) -Chicago soybean futures slid on Wednesday for the first time in three sessions, as an outlook for much-needed rains in Brazil eased worries about dry weather delaying planting in the world's biggest exporter of the oilseed.
Wheat and corn prices fell.
"There is some improvement expected in Brazil as far as weather is concerned," said one oilseed trader in Singapore. "Overall the supply and demand fundamentals are bearish for the soybean market."
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.3% at $10.39-1/2 a bushel, as of 0247 GMT, having risen on Tuesday to $10.58, its highest level since July 25.
Wheat Wv1 lost 0.6% to $5.74-3/4 a bushel and corn Cv1 gave up 0.4% to $4.10-1/4 a bushel.
The soybean market rallied on Tuesday after the central bank of China, the world's top soybean buyer, announced broad monetary stimulus and property market support measures to revive its economy.
However, prices are coming under pressure as forecast models predict much-needed rains in Brazil next week that could bolster soybean planting and crop prospects.
The U.S. corn and soybean harvest is progressing, although rains crossed the central Midwest on Tuesday, interrupting fieldwork in some areas.
In a weekly report released after market closed on Monday, the USDA pegged the soybean harvest as 13% complete and the corn harvest as 14% done, both ahead of their respective five-year averages.
In Argentina, grains and oilseed output could reach up to 143 million metric tons in the 2024/25 season under normal weather conditions, which could boost exports to their highest volume in four years, the Rosario grains exchange said on Tuesday.
Agricultural markets are awaiting quarterly U.S. grain stocks report on Monday by the U.S. Department of Agriculture.
The average estimate for Sept. 1 corn stocks, at 1.844 billion bushels, would represent a four-year high, up 35.6% from a year earlier. For soybeans, the average estimate of 351 million bushels would also be a four-year high, up 32.9% from the prior year.
Workers at the six main grain terminals located in the Canadian port of Vancouver went on strike on Tuesday, a move that could disrupt exports of canola and other crops, government and industry officials said.
Commodity funds were net buyers of CBOT soybean and soyoil futures contracts on Tuesday and net sellers of corn, wheat and soymeal futures, traders said. COMFUND/CBT
Reporting by Naveen Thukral; Editing by Rashmi Aich and Sherry Jacob-Phillips
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
