By Luzi Ann Javier - Oct 16, 2012
Bloomberg
Wheat advanced for the first time in three days, rebounding from a three-month low, as dry weather persisted in parts of the U.S. and Australia, threatening crops in the world’s two biggest shippers. Corn and soybeans gained.
Wheat for December-delivery climbed as much as 1.1 percent to $8.5775 a bushel on the Chicago Board of Trade, and was at $8.535 at 12:55 p.m. in Singapore. The price touched $8.4025 yesterday, the lowest since July 12, as U.S. export sales fell.
Rains missed many parts of the U.S. Northern Plains at the weekend, while Western Australia will continue to be mostly dry over the next six days, Telvent DTN Inc. said yesterday. About 36 percent of the U.S. winter wheat had emerged by Oct. 14, below the five-year average of 44 percent, the government said.
“This may create some concern” about the crop leading into the winter season, Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in a report today. “In the Northern Plains, significant moisture deficits persist.”
The U.S. Department of Agriculture cut on Oct. 11 its estimates for global wheat production, inventories and trade on expectations that the harvest in Australia, the largest shipper after the U.S., may decline. Stockpiles around the world will probably drop 13 percent to 173 million metric tons at the end of this marketing year from a year earlier, the USDA said.
Soybeans for delivery in November rose as much as 1 percent to $15.07 a bushel in Chicago, and were at $15.03. The oilseed dropped to the lowest level since July 3 yesterday on signs of slowing demand for U.S. supply and speculation that rains in Brazil will boost crops.
Corn for delivery in December gained as much as 0.8 percent to $7.4275 a bushel in Chicago, rising for the first time in three days, and was at $7.4125. The price touched $7.325 yesterday, the lowest since Oct. 10, as the U.S. harvest progressed.
Korea Corn Processing Industry Association is seeking to buy 55,000 tons of the genetically modified corn for food production at a tender at 5 p.m. Seoul time today for delivery by March 5, according to notice to suppliers, a copy of which was e-mailed to Bloomberg News today.
Bloomberg
Wheat advanced for the first time in three days, rebounding from a three-month low, as dry weather persisted in parts of the U.S. and Australia, threatening crops in the world’s two biggest shippers. Corn and soybeans gained.
Wheat for December-delivery climbed as much as 1.1 percent to $8.5775 a bushel on the Chicago Board of Trade, and was at $8.535 at 12:55 p.m. in Singapore. The price touched $8.4025 yesterday, the lowest since July 12, as U.S. export sales fell.
Rains missed many parts of the U.S. Northern Plains at the weekend, while Western Australia will continue to be mostly dry over the next six days, Telvent DTN Inc. said yesterday. About 36 percent of the U.S. winter wheat had emerged by Oct. 14, below the five-year average of 44 percent, the government said.
“This may create some concern” about the crop leading into the winter season, Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said in a report today. “In the Northern Plains, significant moisture deficits persist.”
The U.S. Department of Agriculture cut on Oct. 11 its estimates for global wheat production, inventories and trade on expectations that the harvest in Australia, the largest shipper after the U.S., may decline. Stockpiles around the world will probably drop 13 percent to 173 million metric tons at the end of this marketing year from a year earlier, the USDA said.
Soybeans for delivery in November rose as much as 1 percent to $15.07 a bushel in Chicago, and were at $15.03. The oilseed dropped to the lowest level since July 3 yesterday on signs of slowing demand for U.S. supply and speculation that rains in Brazil will boost crops.
Corn for delivery in December gained as much as 0.8 percent to $7.4275 a bushel in Chicago, rising for the first time in three days, and was at $7.4125. The price touched $7.325 yesterday, the lowest since Oct. 10, as the U.S. harvest progressed.
Korea Corn Processing Industry Association is seeking to buy 55,000 tons of the genetically modified corn for food production at a tender at 5 p.m. Seoul time today for delivery by March 5, according to notice to suppliers, a copy of which was e-mailed to Bloomberg News today.
No comments:
Post a Comment