Tue Oct 30, 2012
* Soybeans rebound from biggest daily slump in more than mth
* Wheat, corn edge higher on soybean strength
* Traders continue to monitor impact of Sandy
By Colin Packham
SYDNEY, Oct 30 (Reuters) - U.S. soybeans edged higher on Tuesday, with traders tempted by lower prices after the oilseed fell more than 2 percent the day before, with worries over the impact of one of the biggest storms ever to hit the United States continuing to drag.
Corn rose, rebounding from a two-week low hit on Monday, and wheat also gained, supported by the strength in soy, with concerns over a potential shortfall in global stocks also underpinning the rise.
Chicago Board of Trade December soybeans had risen 0.32 percent to $15.32-1/2 a bushel by 0241 GMT, having closed down 2.1 percent on Monday, the biggest daily slump in more than a month.
December corn rose 0.31 percent to $7.39-1/2 a bushel, after hitting its lowest level since Oct. 15 on Monday before closing down 0.1 percent in its sixth consecutive session of losses. December wheat climbed 0.23 percent to $8.60 a bushel after falling 0.67 percent in the previous session.
"We are seeing some correction from the losses yesterday," said Lynette Tan, an analysts at Phillip Futures in Singapore.
"Yesterday commodities all fell, and the U.S. dollar rose, and I think it has encouraged some bargain-hunting."
SANDY
Traders continue to monitor the impact of Sandy, as one of the biggest storms to hit the United States made landfall.
Sandy is not expected to disrupt crop production, but may interrupt the transport of grain, Tan said, with traders continuing to monitor any signs of disruption, which may firm prices.
U.S. stock and bond markets will be closed again on Tuesday, but the two-largest U.S. stock exchange operators, NYSE Euronext and Nasdaq OMX Group, intend to reopen Wednesday, conditions permitting.
SOUTH AMERICAN RAINS
The rise in soybeans is the first climb in six sessions amid renewed expectations for a bumper South American crop following a period of favorable planting weather in Brazil.
After soaking Brazil's southern soy states of Rio Grande do Sul and Parana, storms are expected to move northward in early November into the country's main centre-west soy belt and northeast regions, which need moisture.
The Brazilian government has forecast that the country will produce 80 million to 82.8 million tonnes of soybeans for the 2012/13 season, surpassing U.S. production of 77.8 million. The U.S. Department of Agriculture has projected Brazil's crop at 81 million tonnes.
If crop forecasts are verified, Brazil and Argentina should combine for slightly more than half of global soybean output for 2012/13.
Grains prices at 0241 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 860.00 2.00 +0.23% -0.43% 871.20 43
CBOT corn 739.25 2.25 +0.31% +0.20% 747.70 40
CBOT soy 1532.50 5.25 +0.34% -1.84% 1557.58 42
CBOT rice $15.07 $0.02 +0.13% -0.30% $15.39 42
WTI crude $85.37 -$0.17 -0.20% -1.05% $90.25 22
Currencies
Euro/dlr $1.291 $0.001 +0.09% -0.20%
USD/AUD 1.034 0.001 +0.10% -0.31%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
* Soybeans rebound from biggest daily slump in more than mth
* Wheat, corn edge higher on soybean strength
* Traders continue to monitor impact of Sandy
By Colin Packham
SYDNEY, Oct 30 (Reuters) - U.S. soybeans edged higher on Tuesday, with traders tempted by lower prices after the oilseed fell more than 2 percent the day before, with worries over the impact of one of the biggest storms ever to hit the United States continuing to drag.
Corn rose, rebounding from a two-week low hit on Monday, and wheat also gained, supported by the strength in soy, with concerns over a potential shortfall in global stocks also underpinning the rise.
Chicago Board of Trade December soybeans had risen 0.32 percent to $15.32-1/2 a bushel by 0241 GMT, having closed down 2.1 percent on Monday, the biggest daily slump in more than a month.
December corn rose 0.31 percent to $7.39-1/2 a bushel, after hitting its lowest level since Oct. 15 on Monday before closing down 0.1 percent in its sixth consecutive session of losses. December wheat climbed 0.23 percent to $8.60 a bushel after falling 0.67 percent in the previous session.
"We are seeing some correction from the losses yesterday," said Lynette Tan, an analysts at Phillip Futures in Singapore.
"Yesterday commodities all fell, and the U.S. dollar rose, and I think it has encouraged some bargain-hunting."
SANDY
Traders continue to monitor the impact of Sandy, as one of the biggest storms to hit the United States made landfall.
Sandy is not expected to disrupt crop production, but may interrupt the transport of grain, Tan said, with traders continuing to monitor any signs of disruption, which may firm prices.
U.S. stock and bond markets will be closed again on Tuesday, but the two-largest U.S. stock exchange operators, NYSE Euronext and Nasdaq OMX Group, intend to reopen Wednesday, conditions permitting.
SOUTH AMERICAN RAINS
The rise in soybeans is the first climb in six sessions amid renewed expectations for a bumper South American crop following a period of favorable planting weather in Brazil.
After soaking Brazil's southern soy states of Rio Grande do Sul and Parana, storms are expected to move northward in early November into the country's main centre-west soy belt and northeast regions, which need moisture.
The Brazilian government has forecast that the country will produce 80 million to 82.8 million tonnes of soybeans for the 2012/13 season, surpassing U.S. production of 77.8 million. The U.S. Department of Agriculture has projected Brazil's crop at 81 million tonnes.
If crop forecasts are verified, Brazil and Argentina should combine for slightly more than half of global soybean output for 2012/13.
Grains prices at 0241 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 860.00 2.00 +0.23% -0.43% 871.20 43
CBOT corn 739.25 2.25 +0.31% +0.20% 747.70 40
CBOT soy 1532.50 5.25 +0.34% -1.84% 1557.58 42
CBOT rice $15.07 $0.02 +0.13% -0.30% $15.39 42
WTI crude $85.37 -$0.17 -0.20% -1.05% $90.25 22
Currencies
Euro/dlr $1.291 $0.001 +0.09% -0.20%
USD/AUD 1.034 0.001 +0.10% -0.31%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
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