• IKAR in Mass Media

Where the margin is 2025
July 17-18, Moscow

 

 → IKAR in Mass Media → #642

IKAR in Mass Media

CBOT wheat higher; corn lower; soy ends mixed

20 мая 2013 года

May 20 (Reuters) - U.S. wheat futures rose on Monday, closing near daily highs on a late round of short-covering after prices traded in negative territory for most of the session, traders said.

* The benchmark Chicago Board of Trade July soft red winter wheat contract fell to its lowest level since April 2 before buyers stepped into the market.

* Volumes were thin, which allowed for the quick price swing into positive territory ahead of the closing bell.

* Rain forecast in eastern U.S. Midwest early this week, said John Dee, meteorologist for Global Weather Monitoring, which will help the maturing soft red winter wheat crop in key growing states such as Indiana and Ohio.

* U.S. Agriculture Department said on Monday morning wheat export inspections were 21.149 million bushels in the latest reporting week, down from 23.986 million last week but just above forecasts for 18 million to 21 million.

* Russia's Institute for Agricultural Market Studies (IKAR) raised its 2013 wheat crop forecast by 2.5 percent to 53.8 million tonnes due to a bigger-than-expected harvest in its largest growing region.

Chicago Board of Trade corn futures closed lower on Monday on active plantings of U.S. corn last week following several weeks of delays and on good crop growing weather in the U.S. Corn Belt, traders said.

* An average of 12 analysts' in a Reuters poll pegged U.S. corn plantings as of Sunday at 63 percent complete, still far behind the five-year average of 81 percent and behind the year ago pace of 96 percent complete. The USDA will release updated planting data at 3:00 p.m. CDT (2000 GMT) on Monday.

* Wet weather is expected in most of the U.S. Midwest this week, slowing a corn planting pace that already has fallen to a record low level, an agricultural meteorologist said on Monday.

* "It's going to be slow going. Already the west is seeing 1.0 to 1.5 inches in a widespread area, and that will spread into the eastern Midwest early this week," said John Dee, meteorologist for Global Weather Monitoring.

* Private exporters reported the sale of 120,000 tonnes of U.S. corn to unknown destinations for delivery in the new marketing year, said the Agriculture Department on Monday.

* USDA on Monday said 14.6 million bushels of corn were inspected for export last week, above the range of estimates for 7.0 million to 11.0 million bushels.

* Large speculators raised their net long in Chicago Board of Trade corn futures to a six-week high during the week ended last Tuesday, as tight supplies in the country sparked a futures market rally - CFTC.

* Japan's use of corn in animal feed fell in March on a year earlier, extending a trend since mid-2011 as users turned to cheaper alternatives such as feed wheat following a spike in U.S. corn prices.

* Cash spot basis bids for corn were sharply higher on Monday, rising to the highest level ever for this time of year at some ethanol plants and processors in the western Midwest. Corn processors are said to have strong profit margins and are bidding aggressively in an effort to entice country sales.

* The RBOB gasoline to ethanol spread was at 2.4 cents, premium gasoline, unchanged from Friday.

* Spot July is below all of its key moving averages with major resistance at the 50-day moving average of $6.55-1/2 and the nine-day relative strength index is at 53.

1:21 PM CDT     LAST    NET     PCT      LOW    HIGH  CURRENT
                        CHNG    CHNG                       VOL
Corn JUL      650.00  -2.75    -0.4   642.75  660.75   81,199

Soybean futures on the Chicago Board of Trade ended mixed on Monday, with front-month July soaring on tightening U.S. soybean supplies, demand for soymeal and technical buying, traders said. Back months declined.

* The July soybean contract set a near three-month peak in the closing minutes of trade. It reached $14.66, its highest level since Feb. 22, topping chart resistance at the March 8 high of $14.63-1/2.

* July soymeal hit a 2-1/2-month high in the closing minutes of trade and posted the biggest percentage gains in the soy complex.

* New-crop November soybeans pressured by expectations of strong U.S. planting progress and improving crop prospects.

* Ahead of USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters pegged soybean planting progress at 24 percent, up from 6 percent in USDA's previous report but still well behind average.

* Wet weather is expected in most of the U.S. Midwest this week, which should slow the planting of U.S. soybeans and corn, an agricultural meteorologist said.

* USDA reported export inspections of U.S. soybeans in the latest week at 3.328 million bushels, within a range of estimates for 2 million to 8 million bushels.

* Large speculators raised their bullish bet on soybeans in the week ended May 14, weekly data from the U.S. Commodity Futures Trading Commission showed.

Source: Reuters  |  #grain   |  Comments: 0   Views: 65

There are no comments yet. Be the first!

Only authorized users can comment.