By Phoebe Sedgman - Nov 27, 2012
Bloomberg
Soybeans climbed to the highest level in two weeks on concern that planting delays in South America may curb production. Wheat advanced on the worst U.S. winter-wheat conditions in at least 27 years.
Soybeans for January delivery gained as much as 1.1 percent to $14.405 a bushel on the Chicago Board of Trade, the highest price for a most-active contract since Nov. 12, and traded at $14.3375 at 2:41 p.m. in Singapore. Prices are set to climb for a third day, the best streak since the period to Nov. 1.
In Brazil, 74 percent of the soybean crop was planted, from 81 percent a year earlier, researcher Celeres said yesterday. About 37 percent of Argentine soybeans were sown, from 47 percent, the Buenos Aires Cereals Exchange said Nov. 22. Soybeans surged to a record in September after the worst U.S. drought in half a century parched fields. Brazil, the U.S. and Argentina are forecast to be three largest soybean growers this year, according to the U.S. Department of Agriculture.
“The world is watching the South American corn and soybean crops at the moment,” Michael Creed, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne. “We need a big South American crop to allay concerns about tightness across the grains and oilseeds complex.”
Storms expected later this week will continue to delay soybean and corn planting, while raising disease risk for wheat, Telvent DTN Inc. said in a report yesterday.
In the U.S., winter-wheat conditions declined and were the worst since 1985, the USDA said yesterday, as dry, cold weather slowed germination and early plant growth. An estimated 33 percent of the crop was rated good or excellent as of Nov. 25, from 34 percent last week and 52 percent a year earlier.
Wheat for March delivery rose as much as 0.7 percent to $8.70 a bushel in Chicago, the highest level since Nov. 15, and was at $8.6925.
China may delay corn purchases until prices drop, Bryan Lohmar, country director at the U.S. Grains Council, said in Singapore today. Corn for March delivery advanced as much as 0.4 percent to $7.545 a bushel in Chicago, and was at $7.54.
Bloomberg
Soybeans climbed to the highest level in two weeks on concern that planting delays in South America may curb production. Wheat advanced on the worst U.S. winter-wheat conditions in at least 27 years.
Soybeans for January delivery gained as much as 1.1 percent to $14.405 a bushel on the Chicago Board of Trade, the highest price for a most-active contract since Nov. 12, and traded at $14.3375 at 2:41 p.m. in Singapore. Prices are set to climb for a third day, the best streak since the period to Nov. 1.
In Brazil, 74 percent of the soybean crop was planted, from 81 percent a year earlier, researcher Celeres said yesterday. About 37 percent of Argentine soybeans were sown, from 47 percent, the Buenos Aires Cereals Exchange said Nov. 22. Soybeans surged to a record in September after the worst U.S. drought in half a century parched fields. Brazil, the U.S. and Argentina are forecast to be three largest soybean growers this year, according to the U.S. Department of Agriculture.
“The world is watching the South American corn and soybean crops at the moment,” Michael Creed, an agribusiness economist at National Australia Bank Ltd., said by phone from Melbourne. “We need a big South American crop to allay concerns about tightness across the grains and oilseeds complex.”
Storms expected later this week will continue to delay soybean and corn planting, while raising disease risk for wheat, Telvent DTN Inc. said in a report yesterday.
In the U.S., winter-wheat conditions declined and were the worst since 1985, the USDA said yesterday, as dry, cold weather slowed germination and early plant growth. An estimated 33 percent of the crop was rated good or excellent as of Nov. 25, from 34 percent last week and 52 percent a year earlier.
Wheat for March delivery rose as much as 0.7 percent to $8.70 a bushel in Chicago, the highest level since Nov. 15, and was at $8.6925.
China may delay corn purchases until prices drop, Bryan Lohmar, country director at the U.S. Grains Council, said in Singapore today. Corn for March delivery advanced as much as 0.4 percent to $7.545 a bushel in Chicago, and was at $7.54.
No comments:
Post a Comment