MARKET DEVELOPMENT
GRAINS-Soybeans at 7-wk High As Heavy Rains Hit Argentina's Crop
GRAINS-Soybeans at 7-wk High As Heavy Rains Hit Argentina's Crop
* Soybeans up for 3rd day, at highest since late Nov; corn firm
* Excessive moisture in Argentina's crop-belt to hit yields
(Adds details, quotes)
18/01/2017 (Reuters) - Chicago soybean futures rose for a third consecutive session on Tuesday, climbing to a seven-week top as heavy rains across Argentina's central crop belt raised concerns over yield losses. Corn and wheat also ticked higher.
The Chicago Board of Trade most-active soybean contract gained 1.2 percent to $10.58-1/2 a bushel by 0338 GMT, after earlier touching its highest since Nov. 28 at $10.62-1/4.
The oilseed had firmed 0.6 percent on Friday, with markets closed on Monday for a U.S. public holiday.
Corn rose 0.7 percent to $3.61 a bushel, strongest since Jan. 6. Wheat added 0.1 percent to $4.26-1/2.
Rains inundated key soybean-growing areas in Argentina over the weekend, local farm experts said on Monday, raising doubts about production in a year that has already seen a reduction in bean planting as growers start to favour corn.
More than 97 percent of the 19.3 million hectares (47.7 million acres) that the Buenos Aires Grains Exchange expects to be planted in soybeans this season has been sown so far. But planting and crop development have been set back by heavy storms in southern Santa Fe and northwest Buenos Aires provinces.
"If you continue to see adverse weather in Argentina, there are going to be question marks on how that crop is going to shape up," said Phin Ziebell, agribusiness economist, National Australia Bank. "We already have the USDA cutting stocks estimate."
The U.S. Department of Agriculture (USDA) last week trimmed its estimates for 2016/17 U.S. soybean yields, production and ending stocks by more than anticipated.
The USDA said early on Friday that private exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations.
Wheat continues to draw support from smaller-than-expected estimates for U.S. winter wheat sowings, with the USDA pegging levels at their lowest in more than a century.
Commodity funds were net buyers of CBOT soybean and soymeal futures on Friday and net sellers of CBOT soyoil, traders said.
* Excessive moisture in Argentina's crop-belt to hit yields
(Adds details, quotes)
18/01/2017 (Reuters) - Chicago soybean futures rose for a third consecutive session on Tuesday, climbing to a seven-week top as heavy rains across Argentina's central crop belt raised concerns over yield losses. Corn and wheat also ticked higher.
The Chicago Board of Trade most-active soybean contract gained 1.2 percent to $10.58-1/2 a bushel by 0338 GMT, after earlier touching its highest since Nov. 28 at $10.62-1/4.
The oilseed had firmed 0.6 percent on Friday, with markets closed on Monday for a U.S. public holiday.
Corn rose 0.7 percent to $3.61 a bushel, strongest since Jan. 6. Wheat added 0.1 percent to $4.26-1/2.
Rains inundated key soybean-growing areas in Argentina over the weekend, local farm experts said on Monday, raising doubts about production in a year that has already seen a reduction in bean planting as growers start to favour corn.
More than 97 percent of the 19.3 million hectares (47.7 million acres) that the Buenos Aires Grains Exchange expects to be planted in soybeans this season has been sown so far. But planting and crop development have been set back by heavy storms in southern Santa Fe and northwest Buenos Aires provinces.
"If you continue to see adverse weather in Argentina, there are going to be question marks on how that crop is going to shape up," said Phin Ziebell, agribusiness economist, National Australia Bank. "We already have the USDA cutting stocks estimate."
The U.S. Department of Agriculture (USDA) last week trimmed its estimates for 2016/17 U.S. soybean yields, production and ending stocks by more than anticipated.
The USDA said early on Friday that private exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations.
Wheat continues to draw support from smaller-than-expected estimates for U.S. winter wheat sowings, with the USDA pegging levels at their lowest in more than a century.
Commodity funds were net buyers of CBOT soybean and soymeal futures on Friday and net sellers of CBOT soyoil, traders said.
Grains prices at 0338 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 426.50 0.50 +0.12% +1.85% 411.12 66
CBOT corn 361.00 2.50 +0.70% +1.05% 355.17 65
CBOT soy 1058.50 12.25 +1.17% +4.65% 1026.59 75
CBOT rice 9.92 $0.02 +0.20% +3.23% $9.79 72
WTI crude 52.49 $0.12 +0.23% -0.98% $52.36 48
Currencies
Euro/dlr $1.063 -$0.001 -0.12% +0.17%
USD/AUD 0.7486 -0.001 -0.17% +0.05%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
hundredweight
RSI 14, exponential