Soybean futures dip as Brazil drought concerns ease
CANBERRA, Sept 19 (Reuters) -Soybean futures edged lower on Thursday as traders eased their concerns that hot, dry weather in top producer Brazil might threaten soybean seeding, while the ongoing U.S. harvest added supply to the market.
Wheat futures retreated further from three-month highs as strong Black Sea exports offset poor production in Europe. Corn also fell.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.2% at $10.11-3/4 a bushel, as of 0041 GMT, while CBOT corn Cv1 fell 0.4% to $4.11 a bushel and wheat Wv1 slipped 0.4% to $5.73-1/2 a bushel.
* All three contracts hit four-year lows in July or August. They have since benefited from a weakening dollar, which has made U.S. farm goods cheaper for overseas buyers, but prices remain not far from their lows. FRX/ USD=
* A delayed rainy season in Brazil, the biggest soybean producer and exporter, has depleted moisture levels in large areas of the country, complicating planting.
* However, analysts say the drought won't become alarming unless it stretches into October, and Brazilian crop agency Conab still projects a bigger crop than last season's.
* Numerous weather forecasters expect a La Nina weather pattern to develop in the Pacific, which would typically lead to drier weather in South America. But Australia's weather bureau said that if one forms in the coming months it will be likely be weak and short-lived.
* "The briefer and weaker La Nina forecast mutes some of the bullish concerns (for soybeans)," StoneX analyst Bevan Everett said in a note, adding, "planting is so early that a small delay doesn't drive acreage losses."
* Meanwhile, the U.S. soy and corn harvests are advancing rapidly and expected to be very large.
* "U.S. harvest pressure should continue to cap any rallies," said another StoneX analyst Matt Zeller.
* In wheat, FranceAgriMer sharply cut its forecast for French soft wheat exports after a poor crop and said the protein content of France's grain would be well below long-term averages.
* However, Russian wheat export prices remain low and its exports are expected to remain strong in September, consultancy Sovecon said.
MARKETS NEWS
* Major stock indexes closed with modest losses and the dollar gained ground in choppy trading on Wednesday after the U.S. Federal Reserve opted for a supersized cut in its first change to borrowing costs in more than four years. MKTS/GLOB
Reporting by Peter Hobson; Editing by 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.
