Wed Sep 5, 2012
By Colin Packham
SYDNEY, Sept 5 (Reuters) - U.S. soybeans on Wednesday hovered near an all-time high hit in the previous session on tight global supplies and speculative buying from funds.
Soymeal, the main protein supplement used in livestock and chicken feed, also hit a record $554.40 per tonne on Tuesday, above the previous peak of $554.20 set on July 31.
FUNDAMENTALS
* Chicago Board Of Trade September soybeans fell 0.1 percent to $17.69 a bushel, having marked a record high of $17.94-3/4 a bushel before slipping back slightly to close up 0.37 percent at $17.71 a bushel.
* November soybeans dropped 0.11 percent to $17.66-1/4 a bushel after closing up 0.69 percent on Tuesday.
* New-crop corn was flat at $8.05 a bushel, having closed up 0.66 percent in the previous session.
* December wheat fell 0.23 percent to $8.86-3/4 a bushel after closing down 0.08 percent.
* The market drew support from strong demand from China, the world's top buyer of soybeans, and signs of diminished supplies in Brazil, the world's No. 2 exporter of the oilseed after the United States.
* Brazilian exports of soy tumbled in August after surging the previous month, data from the trade ministry showed on Monday, as stocks run low after importers snapped up large quantities in the face of a devastating drought in the U.S
* The prospect of another round of U.S. stimulus also broadly supported grains. Federal Reserve Chairman Ben Bernanke last week hinted that measures might be taken to provide stimulus.
* Most traders and analysts said the firm tone in soy and corn on Tuesday was largely due to early-month speculative buying from commodity funds rather than any change in fundamentals.
* U.S. farmers made little progress in harvesting corn during the past week as rains related to Hurricane Isaac kept them out of their fields, but the harvest was still at a record pace because early planting and the summer's drought caused the crop to mature earlier than usual.
* The U.S. Agriculture Department said on Tuesday that 10 percent of the corn crop had been harvested as of Sept. 2, up from 6 percent a week earlier. That compares with 3 percent a year ago and the five-year average of 3 percent.
* USDA said it would release its first update on the soybean harvest next week. Analysts estimated the harvest was 2 percent complete as of Sept. 2.
* Soybean condition ratings remained at 30 percent good to excellent, the lowest since 1988.
MARKET NEWS
* The euro slid against the dollar on Tuesday after two days of gains as investors grew cautious that a European Central Bank plan to tackle the region's debt crisis may lack detail.
* Oil prices fell on Tuesday as concerns about slowing economic growth and curbed demand for petroleum countered hopes for more monetary stimulus from central banks in the U.S. and Europe.
Grains prices at 0029 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 886.75 -2.00 -0.23% -2.88% 873.97 45
CBOT corn 805.00 0.00 +0.00% +0.66% 806.13 52
CBOT soy 1766.25 -2.00 -0.11% +8.28% 1589.42 68
CBOT rice $15.20 $0.03 +0.16% -4.52% $15.47 29
WTI crude $95.36 $0.06 +0.06% -1.15% $93.42 51
Currencies
Euro/dlr $1.253 -$0.003 -0.25% -0.48%
USD/AUD 1.020 -0.002 -0.15% -0.38%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Editing by Joseph Radford)
By Colin Packham
SYDNEY, Sept 5 (Reuters) - U.S. soybeans on Wednesday hovered near an all-time high hit in the previous session on tight global supplies and speculative buying from funds.
Soymeal, the main protein supplement used in livestock and chicken feed, also hit a record $554.40 per tonne on Tuesday, above the previous peak of $554.20 set on July 31.
FUNDAMENTALS
* Chicago Board Of Trade September soybeans fell 0.1 percent to $17.69 a bushel, having marked a record high of $17.94-3/4 a bushel before slipping back slightly to close up 0.37 percent at $17.71 a bushel.
* November soybeans dropped 0.11 percent to $17.66-1/4 a bushel after closing up 0.69 percent on Tuesday.
* New-crop corn was flat at $8.05 a bushel, having closed up 0.66 percent in the previous session.
* December wheat fell 0.23 percent to $8.86-3/4 a bushel after closing down 0.08 percent.
* The market drew support from strong demand from China, the world's top buyer of soybeans, and signs of diminished supplies in Brazil, the world's No. 2 exporter of the oilseed after the United States.
* Brazilian exports of soy tumbled in August after surging the previous month, data from the trade ministry showed on Monday, as stocks run low after importers snapped up large quantities in the face of a devastating drought in the U.S
* The prospect of another round of U.S. stimulus also broadly supported grains. Federal Reserve Chairman Ben Bernanke last week hinted that measures might be taken to provide stimulus.
* Most traders and analysts said the firm tone in soy and corn on Tuesday was largely due to early-month speculative buying from commodity funds rather than any change in fundamentals.
* U.S. farmers made little progress in harvesting corn during the past week as rains related to Hurricane Isaac kept them out of their fields, but the harvest was still at a record pace because early planting and the summer's drought caused the crop to mature earlier than usual.
* The U.S. Agriculture Department said on Tuesday that 10 percent of the corn crop had been harvested as of Sept. 2, up from 6 percent a week earlier. That compares with 3 percent a year ago and the five-year average of 3 percent.
* USDA said it would release its first update on the soybean harvest next week. Analysts estimated the harvest was 2 percent complete as of Sept. 2.
* Soybean condition ratings remained at 30 percent good to excellent, the lowest since 1988.
MARKET NEWS
* The euro slid against the dollar on Tuesday after two days of gains as investors grew cautious that a European Central Bank plan to tackle the region's debt crisis may lack detail.
* Oil prices fell on Tuesday as concerns about slowing economic growth and curbed demand for petroleum countered hopes for more monetary stimulus from central banks in the U.S. and Europe.
Grains prices at 0029 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 886.75 -2.00 -0.23% -2.88% 873.97 45
CBOT corn 805.00 0.00 +0.00% +0.66% 806.13 52
CBOT soy 1766.25 -2.00 -0.11% +8.28% 1589.42 68
CBOT rice $15.20 $0.03 +0.16% -4.52% $15.47 29
WTI crude $95.36 $0.06 +0.06% -1.15% $93.42 51
Currencies
Euro/dlr $1.253 -$0.003 -0.25% -0.48%
USD/AUD 1.020 -0.002 -0.15% -0.38%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Editing by Joseph Radford)
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