Soybeans rebound from one-week low, USDA stocks report eyed
U.S. soybean futures edged higher on Monday, rebounding from a one-week low touched in the previous session, though
concerns about a protracted trade war between Washington and Beijing capped gains.
Corn edged higher, recouping much of the losses from the previous session, while wheat rose to linger near a one-week high.
The most active soybean futures on the Chicago Board Of Trade were up 0.3% at $8.85-1/4 a bushel by 0133 GMT, having closed down 0.6% on Friday when prices hit a Sep. 20 low of $8.82 a bushel.
Despite ticking up, fears that the U.S.-China trade relationship could deteriorate yet further loomed over the market.
“U.S. moves to take this dispute into the capital sphere can only make that worse,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
U.S. President Donald Trump’s administration is considering delisting Chinese companies from U.S. stock exchanges, three sources briefed on the
plan told Reuters on Friday.
The most active corn futures were up 0.3% at $3.72-1/2 a bushel, having closed down 0.3% in the previous session.
The most active wheat futures were up 0.3% at $4.88-3/4 a bushel, having closed up 0.6% on Friday when prices hit a Sep. 20 high of $4.91 a bushel.
Weather forecasts suggested that previously expected cold weather risks to wide swaths of the Midwest may not have much of an impact on yields.
Analysts said market sentiment for the remainder of the session will be lead by the U.S. Department of Agriculture grain stocks report slated for
Meanwhile, traders were digesting updated weather forecasts.
Excessively wet conditions in the northern U.S. Plains and Canadian Prairies have hurt the quality of the region’s spring and durum wheat crops, potentially tightening supplies of top grades of the grains, handlers and agronomists said.
Grains prices at 0133 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 488.75 1.50 +0.31% +0.93% 476.73 60 CBOT corn 372.50 1.00 +0.27% +0.00% 367.99 61 CBOT soy 885.25 2.25 +0.25% -0.37% 876.92 52 CBOT rice 12.05 -$0.11 -0.86% -0.25% $11.89 53 WTI crude 55.97 $0.06 +0.11% -0.78% $56.51 41 Currencies Euro/dlr $1.093 $0.000 -0.05% +0.11% USD/AUD 0.6756 -0.001 -0.13% +0.12% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential Source: Reuters (Reporting by Colin Packham; editing by Uttaresh.V)