• IKAR in Mass Media

 

 → IKAR in Mass Media → #3659

IKAR in Mass Media

Soybeans firm on Brazilian dryness; wheat rebounds

21 ноября 2023 года

SINGAPORE, Nov 21 (Reuters) - Chicago soybean futures gained more ground on Tuesday, with prices underpinned by hot weather conditions in top exporter Brazil that are likely to stress the newly planted crop despite some rains over the weekend.

Wheat rose, recouping some of the losses from the previous session, while corn edged lower.

FUNDAMENTALS

* The most-active soybean contract Chicago Board of Trade (CBOT) was up 0.3% at $13.71 a bushel, as of 0104 GMT, having climbed more than 2% in the previous session.

* Wheat added 0.5% to $5.73-1/4 a bushel and corn lost 0.1% to $4.69-1/4 a bushel.

* Brazil's 2023/24 soybean planting had reached 68% of the expected area, as of Thursday, agribusiness consultancy AgRural said on Monday, up 7 percentage points from the previous week.

* Sowing continues to lag behind last year's levels, when 80% of the areas had been planted at the same time, and the current pace was the slowest for the period since 2019/20, AgRural said in a statement.

* Downpours on Sunday in Brazil provided partial relief to the top soybean exporting nation, where hot conditions have brutalized crops in northern and central growing areas. But the rains were erratic, said Drew Lerner, president of World Weather.

* China's soybean imports from Brazil rose 71% in October from a year ago, data showed on Monday, boosted by cheaper prices following a bumper crop in the South American nation.

* China imported 4.81 million metric tons of the oilseed from Brazil last month, according to the General Administration of Customs.

* For wheat, the U.S. Department of Agriculture (USDA) on Monday rated 48% of the U.S. winter wheat crop in good-to-excellent condition, up one percentage point from last week and the highest for this time of year since 2019.

* Meanwhile, the U.S. corn harvest is nearly finished, with 93% completed by Sunday, below the average analyst estimate of 94% but ahead of the five-year average pace of 91%. The USDA did not expect any further updates on soybean progress after reporting that 95% of the oilseed crop was harvested by Nov. 12.

* Export prices for Russian wheat remained flat last week amid reduced shipments in the face of difficult weather at ports, analysts said.

* The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in late December was $230 per metric ton last week, unchanged from the previous week, the IKAR agriculture consultancy reported.

* Commodity funds were net buyers of CBOT soybean, soymeal, soyoil and corn futures contracts on Monday, traders said. Funds were net sellers of wheat futures, traders said.

MARKET NEWS

* The U.S. dollar dropped t

o its lowest in more than two months on Monday on expectations that U.S. interest rates have peaked, while Wall Street's three major stock indexes closed at multi-month highs.

DATA/EVENTS (GMT)

1500 US Existing Home Sales Oct
1900 US Federal Open Market Committee issues minutes from its Oct. 31 - Nov. 1 meeting

Source: Reuters  |  #grain   |  Comments: 0   Views: 5

There are no comments yet. Be the first!

Only authorized users can comment.