(Reuters) – U.S. soybean futures eased on Tuesday from a more than five-month high hit in the previous session as rains in South America stalled harvest progress, fuelling expectations of continued strong demand for U.S. oilseed stocks.
FUNDAMENTALS
Chicago Board Of Trade May soybeans fell 0.1 percent to $13.73-1/2 a bushel, having firmed 1.1 percent on Tuesday.
March corn fell 0.2 percent to $4.50-3/4, after falling 0.3 percent in the previous session.
March wheat rose 0.1 percent to $6.17-1/2 a bushel, having closed up 1.3 percent on Tuesday.
Excessive rainfall that slowed the harvest in Brazil’s top soy state of Mato Grosso could damage what is expected to be a record crop, analysts at AgRural said in a weekly report.
U.S. Agriculture Department data on Monday showed 1.27 million tonnes of soybeans were inspected for shipment at U.S. ports for the week ended on Feb. 20, a figure within analysts’ expectations.
A return to freezing temperatures in the U.S. Midwest and southern Plains regions could minimally damage wheat fields not protected by blankets of snowcover, analysts said.
MARKET NEWS
The dollar steadied against its rivals in early Asian trade on Tuesday as traders sought more clarity on the pace of the U.S. economic recovery after a series of soft data releases in the past few weeks.
Brent oil rose on Monday after production outages in Libya and South Sudan curbed exports and tightened global supply.
U.S. stocks rose on Monday and the S&P 500 hit a record intraday high, helped by gains in health insurers’ shares and optimism about merger activity.
