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GRAINS-Soybeans edge lower, USDA report on crop condition caps losses

Reuters, 10.07.19


U.S. soybeans edged lower on Tuesday, but losses were checked after data from the U.S. Department of Agriculture (USDA) showed that the condition of North American crops lagged behind market expectations, which led to supply-crunch fears. Corn fell for the first time in five session as prices slumped nearly 1%, while wheat also traded lower.

GRAINS-Soybeans edge lower, USDA report on crop condition caps losses

The most active soybean futures on the Chicago Board Of Trade were down 0.3% at $8.95 a bushel, as of 0409 GMT, having closed down 0.5% on Monday. Analysts said soybeans were under pressure amid broad commodity weakness, but the USDA data was limiting losses. The USDA said 53% of the soybean crop is in good-to-excellent shape, down 1% from last week’s report, and behind market forecasts.

“The USDA’s crop survey published after trading closed, paints a picture of soybeans that are well behind the normal development cycle,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The most active corn futures were down 0.8% at $4.40-1/4 a bushel, having gained 0.3% in the previous session when prices hit a high of $4.48 a bushel – their highest since June 28. Analysts said the improvement in the condition of U.S. crops over the past week was weighing on prices. The USDA said 57% of the corn crop is in good-to-excellent condition, up 1% from last week’s report, and matching analysts’ expectations.

The most active wheat futures were down 0.8% at $5.07 a bushel, having closed up 0.3% on Monday. The USDA said 64% of the winter wheat crop is in good-to-excellent condition, ahead of market forecast. SovEcon and IKAR, the leading agriculture consultancies in Moscow, on Monday downgraded their forecast for Russia’s 2019 wheat crop as they continued to assess the negative impact of June’s hot, dry weather.

 Grains prices at  0409 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   507.00   -4.00    -0.78%       -1.55%  522.23     43
 CBOT corn    440.25   -3.50    -0.79%       -0.45%  440.33     53
 CBOT soy     895.00   -2.75    -0.31%       +0.06%  907.60     39
 CBOT rice     11.73   $0.00    +0.00%       +2.00%  $11.78     60
 WTI crude     57.45  -$0.21    -0.36%       -0.10%  $55.58     50
 Currencies                                                       
 Euro/dlr     $1.121  $0.000    -0.03%       -0.12%               
 USD/AUD      0.6956  -0.001    -0.20%       -0.33%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential


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