Wheat rebounds from three-month low, soybeans firm

December 9th, 2013

By:

Category: Grains, Oilseeds

Weather affecting agriculture(Reuters) – U.S. wheat futures rose for the first time in four sessions on Monday, rebounding on bargain hunting from a three-month low hit in the previous session amid signs of a bigger global crop.

FUNDAMENTALS

Chicago Board Of Trade March wheat rose 0.42 percent to $6.53-3/4 a bushel, having closed down 0.15 percent on Friday when the grain hit a near three-month low of $6.49-1/4 a bushel.

January soybeans rose 0.41 percent to $13.31 a bushel, having slid 0.19 percent on Friday.

March corn was little changed at $4.34 a bushel, having gained 0.17 percent in the previous session.

Favorable weather in Argentina and Brazil created good growing conditions for crops that will compete with U.S. soybeans for export sales early in 2014.

The USDA’s World Agricultural Supply and Demand Estimates report, to be issued at 1700 GMT on Tuesday, is expected to raise forecasts for both Argentina and Brazil soy crops.

MARKET NEWS

The euro raced to a near six-week high against the dollar and scaled a fresh five-year peak on the yen on Monday as investors ploughed back into the currency after an unexpectedly upbeat U.S. jobs report failed to impress dollar bulls.

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