Mon Dec 3, 2012
SYDNEY, Dec 3 (Reuters) - U.S. wheat prices rebounded on Monday, cutting part of the sharp losses in the previous session when the grain fell on liquidation of long positions and weak export figures.
FUNDAMENTALS
* Chicago Board Of Trade March wheat rose 0.69 percent to $8.69-1/2 a bushel, having slipped 2.48 percent on Friday.
* January soybeans rose 0.3 percent to $14.43 a bushel, having closed down 0.64 percent on Friday.
* March corn climbed 0.66 percent to $7.57-3/4 a bushel after falling 0.79 percent in the previous session.
* Shrinking supplies in the Black Sea region, the cheapest wheat in the world, were expected to prompt more demand for U.S. wheat, but the buying has yet to materialize in significant volumes.
* Egypt, the world's biggest importer of wheat, bought 400,000 tonnes of U.S. Romanian and French wheat for shipment Jan. 15-31 and Feb. 1-10, the main government wheat buyer said on Saturday.
* U.S. export sales of soybeans, wheat and corn last week were the smallest in three weeks, with each missing traders' expectations, U.S. Agriculture Department (USDA) data showed on Thursday.
* Argentine farmers jump-started soybean planting this week as normal weather returned following months of unusually hard rains, the government said in its weekly crop report on Friday.
* Growers advanced seedings by 11 percentage points during the week through Thursday, the report said, covering 58 percent of the 19.4 million hectares expected to be sown with soy this season.
* The Argentine Agriculture Ministry says the country could produce 55 million to 58 million tonnes of soybeans this season if the weather cooperates.
MARKET NEWS
* The euro suffered a bit of a setback on Monday in the wake of Moody's downgrade of the euro zone rescue fund late last week, but the Australian dollar fed off growing optimism about the economic health of its biggest export market, China.
* Oil rose on Friday, notching its first monthly gain since August, as the market continued to balance risks to demand from the U.S. budget standoff against concerns about disruption to Middle East supplies.
* The S&P 500 wrapped up its fifth positive month in the last six on Friday, although it ended the day flat as politicians remain at odds about how to avoid the so-called fiscal cliff.
Grains prices at 0021 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 869.50 6.00 +0.69% -1.81% 879.39 47
CBOT corn 757.75 5.00 +0.66% +0.20% 747.46 60
CBOT soy 1443.00 4.25 +0.30% -0.35% 1475.89 55
CBOT rice $15.27 $0.00 +0.00% +1.06% $15.07 68
WTI crude $88.97 $0.06 +0.07% +0.07% $86.72 62
Currencies
Euro/dlr $1.300 $0.001 +0.09% +0.12%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Ed Davies)
SYDNEY, Dec 3 (Reuters) - U.S. wheat prices rebounded on Monday, cutting part of the sharp losses in the previous session when the grain fell on liquidation of long positions and weak export figures.
FUNDAMENTALS
* Chicago Board Of Trade March wheat rose 0.69 percent to $8.69-1/2 a bushel, having slipped 2.48 percent on Friday.
* January soybeans rose 0.3 percent to $14.43 a bushel, having closed down 0.64 percent on Friday.
* March corn climbed 0.66 percent to $7.57-3/4 a bushel after falling 0.79 percent in the previous session.
* Shrinking supplies in the Black Sea region, the cheapest wheat in the world, were expected to prompt more demand for U.S. wheat, but the buying has yet to materialize in significant volumes.
* Egypt, the world's biggest importer of wheat, bought 400,000 tonnes of U.S. Romanian and French wheat for shipment Jan. 15-31 and Feb. 1-10, the main government wheat buyer said on Saturday.
* U.S. export sales of soybeans, wheat and corn last week were the smallest in three weeks, with each missing traders' expectations, U.S. Agriculture Department (USDA) data showed on Thursday.
* Argentine farmers jump-started soybean planting this week as normal weather returned following months of unusually hard rains, the government said in its weekly crop report on Friday.
* Growers advanced seedings by 11 percentage points during the week through Thursday, the report said, covering 58 percent of the 19.4 million hectares expected to be sown with soy this season.
* The Argentine Agriculture Ministry says the country could produce 55 million to 58 million tonnes of soybeans this season if the weather cooperates.
MARKET NEWS
* The euro suffered a bit of a setback on Monday in the wake of Moody's downgrade of the euro zone rescue fund late last week, but the Australian dollar fed off growing optimism about the economic health of its biggest export market, China.
* Oil rose on Friday, notching its first monthly gain since August, as the market continued to balance risks to demand from the U.S. budget standoff against concerns about disruption to Middle East supplies.
* The S&P 500 wrapped up its fifth positive month in the last six on Friday, although it ended the day flat as politicians remain at odds about how to avoid the so-called fiscal cliff.
Grains prices at 0021 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 869.50 6.00 +0.69% -1.81% 879.39 47
CBOT corn 757.75 5.00 +0.66% +0.20% 747.46 60
CBOT soy 1443.00 4.25 +0.30% -0.35% 1475.89 55
CBOT rice $15.27 $0.00 +0.00% +1.06% $15.07 68
WTI crude $88.97 $0.06 +0.07% +0.07% $86.72 62
Currencies
Euro/dlr $1.300 $0.001 +0.09% +0.12%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Ed Davies)
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