MARKET DEVELOPMENT
GRAINS-Soybeans Rally More Than 1 Pct, Set to End Week in Positive Territory
GRAINS-Soybeans Rally More Than 1 Pct, Set to End Week in Positive Territory
14/11/2016 (Reuters) - U.S. soybeans rose more than 1 percent on Friday, drawing support from palm oil, and putting the oilseed on track to recoup much of its losses from the previous week despite expectations of ample global supply.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade were up 1.6 percent for the week, recovering much of last week's 2.1 percent loss.
* The most active corn futures were down 1.4 percent for the week, the second straight weekly loss.
* The most active wheat futures were down nearly 2 percent for the week, the biggest one-week fall in more than two months.
* USDA in a weekly report said about 1 million tonnes of U.S. soybeans were sold for export in the week ended Nov. 3, below expectations for 1.7 million to 2 million.
* Export sales of 1.2 million tonnes of U.S. corn were within the range of expectations and export sales of U.S. wheat of 769,581 tonnes were above expectations.
* Brazil's official crop supply agency Conab forecast Brazil early next year would harvest a soybean crop of 101.6 million tonnes to 103.5 million tonnes, down slightly from its outlook
of 101.9 to 104.0 million tonnes last month.
* Malaysian palm oil futures rose to their highest levels in over two-and-a-half years in late trade on Thursday, supported by government data which showed lower than expected inventories
for October.
MARKET NEWS
* The dollar hovered at a 3-1/2-month high versus the yen early on Friday, extending big overnight gains as the markets prepared for a Donald Trump presidency that could stimulate the
U.S. economy fiscally and lift interest rates.
* Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a
significant cut to their output.
* U.S. banking sector shares on Thursday surged to levels not seen since the midst of the 2008 financial crisis, pushing the Dow to an all-time high, while technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade were up 1.6 percent for the week, recovering much of last week's 2.1 percent loss.
* The most active corn futures were down 1.4 percent for the week, the second straight weekly loss.
* The most active wheat futures were down nearly 2 percent for the week, the biggest one-week fall in more than two months.
* USDA in a weekly report said about 1 million tonnes of U.S. soybeans were sold for export in the week ended Nov. 3, below expectations for 1.7 million to 2 million.
* Export sales of 1.2 million tonnes of U.S. corn were within the range of expectations and export sales of U.S. wheat of 769,581 tonnes were above expectations.
* Brazil's official crop supply agency Conab forecast Brazil early next year would harvest a soybean crop of 101.6 million tonnes to 103.5 million tonnes, down slightly from its outlook
of 101.9 to 104.0 million tonnes last month.
* Malaysian palm oil futures rose to their highest levels in over two-and-a-half years in late trade on Thursday, supported by government data which showed lower than expected inventories
for October.
MARKET NEWS
* The dollar hovered at a 3-1/2-month high versus the yen early on Friday, extending big overnight gains as the markets prepared for a Donald Trump presidency that could stimulate the
U.S. economy fiscally and lift interest rates.
* Oil prices fell in early trading on Friday, as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a
significant cut to their output.
* U.S. banking sector shares on Thursday surged to levels not seen since the midst of the 2008 financial crisis, pushing the Dow to an all-time high, while technology shares sank as Wall Street rearranged its bets to benefit from Donald Trump's presidency.