By Phoebe Sedgman - Sep 25, 2012
Bloomberg
Soybeans are poised to climb on speculation that a slump to the lowest price in six weeks may boost demand among importers. Corn and wheat declined.
Soybeans for November delivery traded little changed at $16.1025 a bushel on the Chicago Board of Trade at 2:19 p.m. in Singapore after swinging between gains and losses. The price touched $15.9025 yesterday, the lowest level since Aug. 14.
Futures have lost 10 percent from a record $17.89 on Sept. 4 on signs of slowing demand after the rally, which was driven by a U.S. drought that reduced yields, and prospects for increased supply from South America.
“We have seen some heavy selling over the past few days, so it could be some bargain hunting,” said Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. “It’s gone through some key technical levels.”
Corn for December delivery dropped as much as 0.6 percent to $7.405 a bushel and traded at $7.4225. The price reached a record $8.49 on Aug. 10. December-delivery wheat fell as much as 0.7 percent to $8.8575 a bushel and was at $8.8775.
Bloomberg
Soybeans are poised to climb on speculation that a slump to the lowest price in six weeks may boost demand among importers. Corn and wheat declined.
Soybeans for November delivery traded little changed at $16.1025 a bushel on the Chicago Board of Trade at 2:19 p.m. in Singapore after swinging between gains and losses. The price touched $15.9025 yesterday, the lowest level since Aug. 14.
Futures have lost 10 percent from a record $17.89 on Sept. 4 on signs of slowing demand after the rally, which was driven by a U.S. drought that reduced yields, and prospects for increased supply from South America.
“We have seen some heavy selling over the past few days, so it could be some bargain hunting,” said Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. “It’s gone through some key technical levels.”
Corn for December delivery dropped as much as 0.6 percent to $7.405 a bushel and traded at $7.4225. The price reached a record $8.49 on Aug. 10. December-delivery wheat fell as much as 0.7 percent to $8.8575 a bushel and was at $8.8775.
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