SYDNEY, Oct 9: US soybeans fell today, extending two-day losses to 1 percent, as prices came under pressure from the advancing U.S. Harvest and reports of better-than-expected yields.
Corn was little changed after falling more than 1.5 percent on Tuesday, while wheat edged marginally higher, drawing support from uncertainty in Black Sea production.
Chicago Board of Trade November soybeans fell 0.5 percent to $12.83 a bushel, having closed down 0.6 percent on Tuesday.
‘Prices are down as the harvest pace picks up,’ said Vanessa Tan, investment analyst at Phillip Futures in Singapore. ‘Right now it is warm and dry and that will allow the farmers to accelerate their harvest.’
The U.S. Agriculture Department did not provide an update on harvest activity on Monday due to the partial shutdown of the federal government, but analysts estimated that farmers had cut 20 percent of their soybean crop.
Traders said the harvest was generating reports of better-than-expected yields, easing concerns of potential heat damage from recent unfavorable U.S. Weather.
Corn shrugged off pressure from the advancing harvest, which analysts estimated at 22 percent complete as of October 6.
December corn was little changed at $4.41-1/2 a bushel, but closed down 1.7 percent in the previous session.
Corn was close to a three-year low of $4.35-1/4 a bushel, touched on October 1.
Wheat recouped nearly all the losses from the previous session, drawing support from concerns over potential supply disruptions to production in the Black Sea region, which analysts said could see increased demand for U.S. Stocks.
December wheat rose 0.1 percent to $6.94-1/4 a bushel, having closed down 0.2 percent in the previous session.
Rain will cut the area Russia sows for winter grains by one-fifth compared to the official forecast, the Agriculture ministry said on Monday, fuelling speculation that 2014’s winter wheat crop could fall and put pressure on global supply.
Ukraine’s wheat harvest could also be down by a third to about 15 million tonnes in 2014 from around 22 million tonnes this year because heavy rains will cut the sowing area, the Agriculture Minister said on October 4.
Grains prices at 0205 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 693.75 0.25 +0.04% -0.14% 662.03 73
CBOT corn 441.50 -0.25 -0.06% -1.73% 457.59 36
CBOT soy 1283.00 -5.75 -0.45% -1.04% 1332.28 36
CBOT rice $14.76 $0.00 +0.00% -0.47% $15.38 19
WTI crude $103.48 -$0.01 -0.01% +0.44% $105.82 46
Currencies
Euro/dlr $1.357 $0.000 -0.02% -0.10%
USD/AUD 0.942 0.000 +0.03% -0.06%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(AGENCIES)
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