By Supunnabul Suwannakij - Oct 7, 2013
Bloomberg
Soybeans advanced to a one-week high, rising for a fourth day, on speculation that rain in the U.S. will delay harvesting in the world’s largest producer.
Soybeans for November delivery rose as much as 0.8 percent to $13.05 a bushel on the Chicago Board of Trade, and traded at $13.005 at 9:56 a.m. in Singapore. A fourth day of gains would be the best run since the period to Aug. 15.
Rain in the east of the U.S. over the weekend may be disruptive to harvesting, forecaster DTN said on Oct. 4. Areas in the north-central region may be affected by rain later this week, DTN said. Soybean futures dropped 7.7 percent this year.
“For soybeans, gains can be attributed to unfavorable harvesting weather,” Vanessa Tan, an analyst at Phillip Futures Pte, said by e-mail. Storms forecast for later this week will slow down the harvesting, supporting prices, she said.
Informa Economics Inc., based in Memphis, Tennessee, cut its forecast on Oct. 4 for the harvest by 1.5 percent to 3.176 billion bushels from a Sept. 20 estimate, partly as crop conditions fell. The harvest was 11 percent completed as of Sept. 29, trailing the five-year average, government data showed.
Wheat for December delivery climbed 0.3 percent to $6.8875 a bushel. The grain rose for a third week last week as excess rain reduced winter-crop planting in Ukraine and Russia
Corn for December delivery was little changed at $4.4275 a bushel after touching $4.35 last week, the lowest intraday price since August 2010.
Global corn and soybeans inventories before next year’s Northern Hemisphere harvests probably will be larger than the U.S. government predicted last month, while wheat reserves may fall, a Bloomberg survey of as many as 17 analysts and trading firms showed.
The USDA’s scheduled monthly update on Oct. 11 for domestic and global estimates of supply and demand may be delayed by an extended shutdown of the federal government. The agency has suspended daily reports.
Bloomberg
Soybeans advanced to a one-week high, rising for a fourth day, on speculation that rain in the U.S. will delay harvesting in the world’s largest producer.
Soybeans for November delivery rose as much as 0.8 percent to $13.05 a bushel on the Chicago Board of Trade, and traded at $13.005 at 9:56 a.m. in Singapore. A fourth day of gains would be the best run since the period to Aug. 15.
Rain in the east of the U.S. over the weekend may be disruptive to harvesting, forecaster DTN said on Oct. 4. Areas in the north-central region may be affected by rain later this week, DTN said. Soybean futures dropped 7.7 percent this year.
“For soybeans, gains can be attributed to unfavorable harvesting weather,” Vanessa Tan, an analyst at Phillip Futures Pte, said by e-mail. Storms forecast for later this week will slow down the harvesting, supporting prices, she said.
Informa Economics Inc., based in Memphis, Tennessee, cut its forecast on Oct. 4 for the harvest by 1.5 percent to 3.176 billion bushels from a Sept. 20 estimate, partly as crop conditions fell. The harvest was 11 percent completed as of Sept. 29, trailing the five-year average, government data showed.
Wheat for December delivery climbed 0.3 percent to $6.8875 a bushel. The grain rose for a third week last week as excess rain reduced winter-crop planting in Ukraine and Russia
Corn for December delivery was little changed at $4.4275 a bushel after touching $4.35 last week, the lowest intraday price since August 2010.
Global corn and soybeans inventories before next year’s Northern Hemisphere harvests probably will be larger than the U.S. government predicted last month, while wheat reserves may fall, a Bloomberg survey of as many as 17 analysts and trading firms showed.
The USDA’s scheduled monthly update on Oct. 11 for domestic and global estimates of supply and demand may be delayed by an extended shutdown of the federal government. The agency has suspended daily reports.
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