GRAINS-Soybeans Rise from Near Three-Month Low
Category: Oilseeds
(Reuters) – U.S. soybeans rose for the first time in eight sessions on Wednesday as the oilseed rebounded from a near three-month low hit in the previous session, though expectations for abundant global supplies capped gains.
FUNDAMENTALS
The most active soybean futures on the Chicago Board of Trade rose 0.45 percent to $10.03-3/4 a bushel after closing down 0.7 percent on Tuesday, when prices hit a low of $9.92 a bushel, their lowest since Dec. 27.
The most active corn futures rose 0.1 percent to $3.62-1/2 a bushel, having gained 0.35 percent in the previous session after earlier hitting a low of $3.60 a bushel, their lowest since Feb. 1.
The most active wheat futures climbed 0.17 percent to $4.31-1/4 a bushel, having closed little changed on Tuesday after earlier hitting a low of $4.28-1/2 a bushel, lowest since Feb. 8.
Soybeans under pressure from expectations of silo-busting production from South America.
Expectations for an expansion in U.S. soybean plantings added to bearish sentiment. A survey of farmers released by Illinois-based research and brokerage firm Allendale Inc projected soybean plantings at 88.8 million acres, up 6.5 percent from 2016.
The survey put corn plantings at 90 million acres and all-wheat seedings at 45.967 million acres.
Chinese importers have booked at least three cargoes of U.S. corn, totaling about 195,000 tonnes, for shipment in the late spring to early summer from the Pacific Northwest, U.S. corn export traders said on Tuesday.
Egypt’s General Authority for Supply Commodities set a tender to buy an unspecified amount of wheat from global suppliers for shipment between April 15 and April 25. Results are expected on Wednesday.
MARKET NEWS
The dollar was on tenterhooks in Asian trading on Wednesday as investors waited anxiously to see what clues the U.S. Federal Reserve would soon reveal on its monetary policy outlook.
U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC’s compliance with output cuts.
U.S. stocks fell on Tuesday as oil prices dropped to their lowest since November and airlines pulled industrial stocks down as a blizzard hit the U.S. Northeast.
