Home / Commodities / Commodity News / GRAINS-Soybeans rebound from 2-1/2-week low

GRAINS-Soybeans rebound from 2-1/2-week low

U.S. soybeans futures edged higher on Thursday after hitting a 2-1/2-week low in the previous session, though gains were checked by easing concerns about crops in South America.
FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $11.56 a bushel by 0225 GMT, having closed down 0.8% on Wednesday, when prices hit a Nov. 13 low of $11.42-1/2 a bushel.

* The most active corn futures were down 0.1% at $4.23-1/4, having gained 0.7% in the previous session. On Wednesday, prices had hit a Nov. 16 low of $4.14-1/2 a bushel.

* The most active wheat futures were little changed at $8.81-3/4 a bushel, having closed up 1.9% on Wednesday.

* Soybeans have been under pressure on forecasts of an improvement in crop weather in portions of Brazil, the world’s biggest soy exporter.

* Forecasters Datagro and StoneX on Tuesday raised their estimates for Brazil’s 2020/21 soybean crop to 134.98 million tonnes and 133.9 million tonnes, respectively.
MARKET NEWS

* The dollar licked wounds near a 2 1/2-year low against a basket of major currencies on Thursday as investors wagered that more economic stimulus from Washington and the expected start of COVID-19 vaccinations would support riskier assets.

* Oil prices fell as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic.

* Asian shares were mixed after a choppy day of Wall Street trade, thanks in part to a disappointing U.S. jobs report, while the greenback languished near 2-1/2 year lows on growing optimism of a coronavirus vaccine.
Source: Reuters (Reporting by Colin Packham; Editing by Subhranshu Sahu)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping