Home / Commodities / Commodity News / Soybeans up for 3rd session amid Chinese buying, wheat prices dip

Soybeans up for 3rd session amid Chinese buying, wheat prices dip

Chicago soybean futures rose for a third session on Tuesday amid Chinese buying, but ample global supplies kept a lid on the market.

Wheat edged lower and corn prices gained ground in early Asian trade.
FUNDAMENTALS

* The Chicago Board of Trade most-active soybean contract had gained 0.1 percent to $9.19-1/4 a bushel by 0146 GMT, while wheat slid 0.2 percent to $5.24-3/4 a bushel. Corn gained 0.2 percent to $3.80 a bushel.

* The U.S. Department of Agriculture (USDA) on Monday confirmed private sales of 612,000 tonnes of U.S. soybeans to China. The volume was lighter than expected after traders said on Friday that the world’s top soybean buyer had booked at least 1 million tonnes.

* The Chinese state agricultural conglomerate COFCO Group said on Saturday that it recently purchased a batch of soybeans amounting to “millions of tonnes” from the United States.

* U.S. President Donald Trump said last week that he would meet Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his trade negotiator both cited substantial progress in two days of talks.

* Crop forecasters have been cutting their Brazilian soybean harvest outlook for weeks as hot, dry weather in parts of the country hurt yield prospects. Still, the crop is expected to be among the largest ever produced by Brazil, the world’s top soy exporter.

* Brokerage INTL FCStone lowered its estimate of Brazil’s soybean crop on Friday to 112.2 million tonnes, down 4 million tonnes from last month.

* U.S. soybean crushing in November likely totalled 5.309 million short tons, or 177.0 million bushels, according to the average forecast of seven analysts surveyed by Reuters ahead of a USDA report.

* Estimates ranged from 176.4 million bushels to 177.2 million bushels, with a median of 177.1 million bushels.

* A rise in Russian wheat export prices stalled last week after three weeks of growth as the country lost a major purchasing tender in Egypt, its largest wheat buyer, analysts said on Monday.

* Egypt’s state grain buyer GASC bought 360,000 tonnes of French and Romanian wheat in its tender last week. The Russian wheat on offer was too expensive to be competitive.

* Traders are awaiting Friday’s supply and demand forecasts from the USDA for any further revisions to U.S. soybean supply in view of the Sino-U.S. trade dispute.
MARKETS NEWS

* Recent U.S. data and the Federal Reserve’s dovish turn kept lifting Asian stocks early on Tuesday, while the dollar held the upper hand against its rivals.

DATA/EVENTS (GMT) 0030 Australia Retail Sales Dec 0030 Australia Retail Trade Q4 0030 Australia Trade Balance G&S Dec 0330 Australia RBA Cash Rate Feb 0900 EU Markit Comp Final PMI Jan 1500 US ISM N-Mfg PMI Jan 0000 Federal Reserve Bank of Cleveland President Loretta Mester speaks on the economic outlook and monetary policy before the 50 Club of Cleveland monthly meeting in Cleveland, Ohio.
Source: Reuters (Reporting by Naveen Thukral; Editing by Joseph Radford)

Leave a Reply

Your email address will not be published. Required fields are marked *

*

captcha

Please enter the CAPTCHA text

Recent Videos

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