GRAINS-Soybeans Edge Higher, Bumper Global Supplies Cap Gains

November 17th, 2016

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Category: Oilseeds

soybean field & blue sky 450x299(Reuters) – U.S. soybeans edged higher on Thursday, rebounding slightly from losses in the previous session, though ample global supplies capped gains.

FUNDAMENTALS

The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $9.86-3/4 a bushel, having closed down 0.38 percent on Wednesday.

The most active corn futures rose 0.22 percent to $3.39-1/4, having closed down 0.88 percent in the previous session.

The most active wheat futures rose 0.44 percent to $3.98-3/4 a bushel, having closed down 0.5 percent in the previous session.

National Oilseed Processors Association said on Wednesday its members in October recorded their third-largest soy crush in history.

U.S. Department of Agriculture confirmed fresh export sales of U.S. soybeans for the third day in a row.

Algeria’s state grains agency, OAIC, bought 580,000 tonnes of optional-origin milling wheat, European traders said.

MARKET NEWS

The dollar caught its breath in early Asian trading on Thursday, after charging to a 14-year high against a basket of currencies on Wednesday on bets the Trump administration will adopt inflationary policies.

Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks.

The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher.

 

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