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IKAR in Mass Media

GRAINS-Soybeans ease for 2nd day on U.S. planting progress, fund selling

24 мая 2016 года

SINGAPORE, May 24 Chicago soybean futures lost more ground on Tuesday, falling for four out five sessions as rapidly progressing planting across the U.S. Midwest prompted investors to liquidate some long positions.

Corn eased, giving up some of last session's gains, while wheat edged lower although concerns over wet weather in the U.S. Plains kept a floor under the market.

Chicago Board of Trade most-active soybean contract dropped 0.5 percent to $10.53-3/4 a bushel by 0212 GMT, having closed 1.5 percent lower on Monday.

Corn fell 0.4 percent to $3.96 a bushel after gaining 0.7 percent in the previous session and wheat lost 0.2 percent to $4.61 a bushel.

"The soybean market is becoming nervous that investors, now holding the largest long position seen in almost two years, will be looking to take profits," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

"Weather forecasters continue to expect more rain on U.S. hard red winter wheat crops this week. The market will have some concerns about quality and yields."

The U.S. Department of Agriculture said the U.S. corn crop was 86 percent planted as of Sunday, ahead of the five-year average of 85 percent but behind an average of analyst expectations for 88 percent.

Soybean planting progress was at 56 percent, ahead of the five-year average of 52 percent and an average of trade estimates of 55 percent, the agency said in its weekly crop progress report.

Soymeal futures have advanced in recent weeks on worries about the size and quality of Argentina's soybean harvest following April floods.

Argentina is the world's top exporter of soymeal, a livestock feed ingredient produced along with soyoil when soybeans are crushed.

Commodity funds were net sellers of CBOT soybean, soymeal and wheat futures contracts on Monday and net buyers of corn.

Trader estimates of net fund selling in soybeans ranged from 9,000 to 15,000 contracts, in soymeal from 1,000 to 10,000 contracts and in wheat from 2,000 to 5,000 contracts. Estimates of net fund buying in corn ranged from 3,000 to 15,000 contracts.

Russian wheat export prices fell last week ahead of the new crop, which is likely to arrive in July, and following a slide in global benchmarks.

Black Sea prices for Russian wheat from the old crop with 12.5 percent protein content were $191.5 per tonne on a free-on-board basis at the end of last week, Russian agricultural consultancy IKAR said.

Grains prices at  0212 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  461.00   -1.00    -0.22%   -1.65%       475.45   45
 CBOT corn   396.00   -1.75    -0.44%   +1.54%       385.12   61
 CBOT soy    1053.75  -4.75    -0.45%   -1.66%       1028.58  51
 CBOT rice   11.59    -$0.03   -0.22%   -2.15%       $11.22   52
 WTI crude   47.94    -$0.14   -0.29%   -0.46%       $44.57   70
 Currencies                                                   
 Euro/dlr    $1.120   -$0.002  -0.19%   -0.01%                
 USD/AUD     0.7211   -0.001   -0.11%   -0.19%

Most active contracts

Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

Source: Reuters  |  #grain   |  Comments: 0   Views: 54

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