Soybeans ended the previous session up following a late spell of buying, supported by talk of growing end-user demand and a weaker dollar, after the oilseed spent much of the day in negative territory.
Soybeans remains near their mid-August trough despite U.S. Department of Agriculture data showing exporters have already sold nearly 75 percent of the 28.71 million tonnes of soybeans projected for overseas sales in the 2012/13 season (September through August), with 11 more months to go.
FUNDAMENTALS
* Chicago Board Of Trade November soybeans fell 0.47 percent to $16.04 a bushel, having firmed 0.09 percent on Tuesday.
* December corn was little changed at $7.43-1/2 after sliding 0.47 percent in the previous session.
* December wheat was down slightly at $8.85-3/4 a bushel, having closed 0.6 percent lower on Tuesday.
* Anecdotal accounts of soybean yields surpassing expectations after the worst drought in half a century have given the market a bearish tone in recent weeks. Prices have slumped 10 percent from their peak of $17.94-3/4 on Sept 4.
* Soybeans were also weighed down by prospects of big crops in Brazil and Argentina, concerns of slowing demand from China and the U.S. soybean crush coming in lower than expected last month.
* Egypt's state-run General Authority for Supply Commodities (GASC) set a tender to buy an unspecified amount of wheat for Dec 1-10 shipment. The agency has bought a large amount of Russian wheat over the past month.
* Australia's wheat output may fall below 20 million tonnes in the 2012/13 season due to a dry spell across Western Australia, analysts said, which would further tighten global supplies and stoke prices.
* Market participants are looking to Friday's USDA quarterly grain stocks and wheat crop reports for direction. Analysts polled by Reuters expect U.S. corn and soybean stocks as of Sept. 1 to be the lowest in eight years at the end of the
2011/12 season
MARKET NEWS
* The yen pushed higher while the euro remained around one-week lows against the dollar in early Asian trade on Wednesday, pressured by concern about Spain's hesitancy to request a bailout even as protests there turned violent.
* Brent crude rose on Tuesday in choppy trade as tensions over Iran reinforced the geopolitical fear premium and concerns about slowing global economic growth pressured U.S. oil prices.
* The S&P 500 suffered its worst day since June on Tuesday, pulled lower by Caterpillar Inc after it cut its profit outlook, the latest high-profile company to warn about profit growth.
DATA/EVENTS (GMT)
Germany preliminary inflation data for September
1100 U.S. Weekly mortgage market index
1400 U.S. New home sales
1430 U.S. EIA weekly petroleum status report
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment