By Phoebe Sedgman - Nov 25, 2013
Bloomberg
Soybeans declined from the highest level in eight weeks on expectations favorable soil moisture in Brazil, the world’s biggest exporter, and rain this week in Argentina will boost crops. Wheat and corn advanced.
The contract for January delivery lost as much as 0.3 percent to $13.16 a bushel on the Chicago Board of Trade and was at $13.17 by 10:54 a.m. in Singapore. Prices climbed to $13.22 on Nov. 22, the highest since Sept. 27, on signs demand was increasing for U.S. supplies.
Soybeans lost 6.6 percent this year as global production may increase to a record 283.5 million tons, the U.S. Department of Agriculture predicts. Abundant showers in northern Brazil through this week will improve moisture, while drier weather in southern areas will allow wetness to ease, MDA Information Systems LLC said Nov. 22. In Argentina, showers in central Buenos Aires early this week should help improve moisture and prevent stress on crops, it said.
“For the South American soybean crop, weather is being viewed as favorable near-term,” Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote in a note. “Soil moisture in Brazil is generally good, while dry weather in Argentina is keeping the pace of soybean plantings on track before a low pressure system hits the region later this week and generates some much needed rain.”
Production in Brazil is set to reach a record 88 million tons in 2013-2014 and Argentina’s harvest may jump 8.5 percent to 53.5 million tons, according to the USDA.
Wheat for March delivery gained 0.5 percent to $6.60 a bushel. Corn rose 0.2 percent to $4.3025 a bushel.
Bloomberg
Soybeans declined from the highest level in eight weeks on expectations favorable soil moisture in Brazil, the world’s biggest exporter, and rain this week in Argentina will boost crops. Wheat and corn advanced.
The contract for January delivery lost as much as 0.3 percent to $13.16 a bushel on the Chicago Board of Trade and was at $13.17 by 10:54 a.m. in Singapore. Prices climbed to $13.22 on Nov. 22, the highest since Sept. 27, on signs demand was increasing for U.S. supplies.
Soybeans lost 6.6 percent this year as global production may increase to a record 283.5 million tons, the U.S. Department of Agriculture predicts. Abundant showers in northern Brazil through this week will improve moisture, while drier weather in southern areas will allow wetness to ease, MDA Information Systems LLC said Nov. 22. In Argentina, showers in central Buenos Aires early this week should help improve moisture and prevent stress on crops, it said.
“For the South American soybean crop, weather is being viewed as favorable near-term,” Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote in a note. “Soil moisture in Brazil is generally good, while dry weather in Argentina is keeping the pace of soybean plantings on track before a low pressure system hits the region later this week and generates some much needed rain.”
Production in Brazil is set to reach a record 88 million tons in 2013-2014 and Argentina’s harvest may jump 8.5 percent to 53.5 million tons, according to the USDA.
Wheat for March delivery gained 0.5 percent to $6.60 a bushel. Corn rose 0.2 percent to $4.3025 a bushel.
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