Corn, soy slip further on improved supply outlook, stronger US dollar
CANBERRA, Oct 15 (Reuters) -Chicago corn and soybean futures fell for a fourth straight session on Tuesday as massive U.S. harvests continued to pour supplies onto the market and forecasts of rain in Brazil improved production prospects there.
Wheat futures also slipped after the U.S. Department of Agriculture (USDA) raised its outlook for global wheat stocks on Friday, but found some support from concerns over Black Sea production and shipments.
Pressuring all three was a sharp rise in the U.S. dollar this month that has made U.S. crops costlier for overseas buyers with other currencies. FRX/ USD=
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.4% at $4.06-3/4 a bushel at 0127 GMT, with CBOT soybeans Sv1 falling 0.5% to $9.91-1/4 a bushel and wheat Wv1 slipping 0.5% to $5.82-1/2 a bushel.
* Corn and soybeans have fallen around 7% from highs around the start of the month and are pushing towards four-year lows. Wheat held up better and is little-changed this month.
* The USDA, in a monthly report on Friday, raised its estimate of U.S. corn production and trimmed its forecast of U.S. soybean output. The country is set for its second-biggest corn harvest and its biggest soybean crop.
* Meanwhile, forecast rain in Brazil is set to break a dry period that hampered planting, with only 8.2% of the total expected soybean area sown by last Thursday compared to 17% at the same time last season, consultancy AgRural said.
* The United States is the world's largest corn exporter and the No. 2 soybean supplier. Brazil is the biggest soybean producer and a major shipper of corn.
* The USDA report, ongoing U.S. harvest and South American weather forecasts triggered a wave of short selling by speculators that pressured prices, StoneX analyst Bevan Everett said.
* "The South American weather forecasts indicate the dry period has ended... This has allayed additional concerns about lost acres and lost yields in Brazil and Argentina," he added.
* In wheat, traders are concerned about Russia, the biggest shipper, where export prices rose last week in anticipation of lower supply.
* The Russian government has also set a minimum price and a higher export duty to limit shipments, but traders say that these measures don't appear to be as restrictive as some had feared.
MARKETS NEWS
* U.S. stocks ended higher with a boost from technology shares amid light Columbus Day trading on Monday, while crude prices dipped as investors parsed signs of economic softness in China and girded themselves for a string of high-profile corporate earnings. MKTS/GLOB
Reporting by Peter Hobson; Editing by Sumana Nandy
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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.
