SYDNEY, Sept 16: US soybeans fell 1 percent on Monday, extending two-day losses to more than 2 percent, as the oilseed came under pressure from forecasts for more rain latter this week, which could ease heat-stress on some late planted crops.
Corn fell for the third straight session, under pressure from the U.S. Department of Agriculture’s surprising increase in its production forecast, while wheat also edged lower.
Chicago Board of Trade November soybeans fell 1.1 percent to $13.66 a bushel, having closed down 1 percent on Friday.
‘We are looking at some better rain forecasts later this week in the U.S. And that may assist in helping some of the later soybean crops,’ said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia.
Updated weather models called for more rains later this week, with temperatures also forecast to be lower, easing stress on some late planted soybeans crops, analysts said. [https://apac1.Pointcarbon.Cp.Extranet.Thomsonreuters.Biz/trading /agsdashboard/na/usa/midwest/?sdtc=1
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Soybeans have slid more than 2 percent since the U.S. Department of Agriculture on September 12 made a larger than expected cut to stocks remaining at the end of the crop year as a result of the hot, dry weather across much of the Midwest. Soybeans rose 2.8 percent following the release of the USDA report.
Amid tight stocks, the National Oilseed Processors Association’s monthly soybean crush data next week should show the U.S. Crush for August at 110.7 million bushels, down 4.9 percent from July and the smallest since September 2011, a Reuters poll of nine analysts showed.
U.S.-based agricultural export company Cargill
Said on Friday it had run out of soybeans at one of its important crushing plants in Argentina, prompting it to suspend operations at the site until March 2014.
December corn fell 0.76 percent to $4.55-1/2 a bushel. Corn has fallen more than 3.5 percent since the USDA surprised the market by raising its crop production forecast to a record level, despite the unfavorable weather across the Corn Belt.
USDA raised its forecast of the U.S. Corn crop by 1 percent from August, to 13.843 billion bushels, well above the record 13.092 billion bushels of 2009 and nearly 2 percent more than traders expected.
December wheat fell 0.16 percent to $6.40-1/2 a bushel after closing down 1.8 percent on Friday.
Grains prices at 0254 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI 37 CBOT wheat 640.50 -1.00 -0.16% -1.91% 649.87 37 CBOT corn 455.50 -3.50 -0.76% -2.31% 468.76 22 CBOT soy 1366.00 -15.50 -1.12% -2.15% 1305.28 71 CBOT rice $15.40 -$0.02 -0.13% -0.87% $15.35 41 WTI crude $107.40 -$0.81 -0.75% -0.75% $107.13 46
Currencies
Euro/dlr $1.337 $0.007 +0.55% +0.51%
USD/AUD 0.934 0.010 +1.03% +0.77%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(agencies)
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