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→ IKAR in Mass Media → #3640 IKAR in Mass MediaSoybeans hold steady as US crop condition ratings dip12 октября 2023 года Chicago soybean futures held steady on Wednesday after data showed a rise in U.S. export inspections and a slight deterioration in the condition of U.S. crops, although gains were capped by a record harvest in top exporter Brazil. Wheat and corn futures were little changed. Soybean traders are also watching energy markets, with higher oil prices boosting ethanol made from plants, including soy, and supply from Brazil, said Ole Houe at brokerage IKON Commodities. Crude rose sharply after violence flared between Israel and the Palestinian militant group Hamas but has since stabilised. “Near term, there’s probably a little more downside for soy, but longer term, it’s quite likely to find support when we start to question production estimates in South America,” Houe said. The most-active soybean contract on the Chicago Board of Trade (CBOT) was flat at $12.71 a bushel by 0351 GMT after rising 0.6% in the previous session. Corn was unchanged at $4.85-1/2 a bushel and wheat also flat at $5.58-1/4 a bushel. CBOT soybeans have fallen 10% from a high in late August as the U.S. harvest added new supply and hit $12.54 a bushel on Tuesday, the lowest since December 2021. Data showed the U.S. Department of Agriculture rated 51% of the soybean crop in good to excellent condition, down from 52% a week ago and the lowest for this time of year since 2012. Ten analysts surveyed by Reuters on average had expected no change. The USDA data showed the U.S. soybean harvest was 43% complete by Sunday and the corn harvest 34% finished, both slightly ahead of their respective five-year averages. On the demand side, the USDA reported export inspections of 1.036 million tons of soybeans for the week ended Oct. 5, the highest since mid-February. However, Brazil is harvesting its biggest soybean and corn crops on record and government crop agency Conab said farmers would reap even more soy in the upcoming 2023/24 grain cycle. Conab said Brazil should produce 162 million metric tons of soybeans in 2023/24, up 4.8% year-on-year, and 119.404 million tons of corn, down 9.5% year-on-year. Moving to wheat, traders estimated that Egypt bought around 480,000 tons of Russian wheat on Tuesday at about $265 a ton free-on-board (FOB) in direct talks without issuing an international tender. Wheat prices are near three-year lows due to a flood of cheap exports from Russia. FOB prices for Russian 12.5% protein wheat for November shipment are around $230 a ton, Russia’s IKAR agriculture consultancy said this week. In the European Union, data showed that soft wheat exports since the start of the 2023/24 season in July had reached 8.13 million metric tons by Oct. 8, down 23% from a year earlier. Source: Reuters | #grain | Comments: 0 Views: 3
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