Soybeans lose more ground, corn at one-week low on supply pressure
Soybeans, corn futures drop on U.S. harvest pressure
Wheat falls to 7-week low on improved weather in U.S.
Adds quote in paragraph 3, updates prices
By Naveen Thukral
SINGAPORE, Oct 28 (Reuters) -Chicago soybean futures lost more ground on Monday, while corn slid to its lowest in almost a week, as pressure from mounting supplies weighed on the market amid uncertainty over the outcome of the U.S. election.
Wheat touched a seven-week low, dragged downby improved weather in the U.S. Plains and expectationsof a bumper southern hemisphere supply.
"There was some support from strong demand last week, but we have plenty of corn and soybeans around the world and the U.S. harvest is adding to those supplies," one Singapore-based trader said. "Also, South American weather is conducive for plantings."
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.7% at $9.90-3/4 a bushel, as of 0429 GMT, and corn Cv1 eased0.4% to $4.13-1/2 a bushel.
Wheat Wv1 dropped 0.8% to $5.64-1/4 a bushel, after hitting its lowest since Sept. 9 earlier in the session.
Hefty soybean and corn supplies from rapidly progressing U.S. harvest are providing headwinds to prices, despite some gains last week on the back of strong demand.
Republican Donald Trump and Democratic Vice President Kamala Harris are polling neck-and-neck in crucial swing states ahead of the Nov. 5 election. Investors are anxious about a contested result, roiling world markets and unleashing fresh geopolitical uncertainty.
For wheat, the recentrains and forecasts of more wet weather in drought-hit U.S. Plains eased concerns about planting delays.
Expectations of bumper supplies from thesouthern hemisphere weighed on prices.
Argentina's wheat exports could hit 13.3 million metric tons for the 2024-25 season, which would mark the second-highest year on record, the Rosario grains exchange said on Friday.
Australia is expected to produce an above-averagecrop despite suffering some weather damage in recent months.
China's grain output is set to exceed a record 700 million metric tons this year, a key agriculture ministry official said, calling for continued efforts to ensure stable supply.
That figure is 0.7% higher than the 2023 harvest of 695.41 million tons, data from the National Bureau of Statistics showed.
There was additional pressure on grains and oilseed from weakness in energy markets.
Oil prices tumbled more than $3 a barrel after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. O/R
Large speculators trimmed their net short position in CBOT corn futures in the week ended Oct. 22, regulatory data released showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips and Sumana Nandy
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.
