Sunday, October 17

Soybeans edge lower as harvesting progresses


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CANBERRA — US soybean futures edged lower on Monday as farmers made progress in harvesting crops, boosting already ample stockpiles.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $12.42 a bushel by 0130 GMT, having firmed 0.3% on Friday.

* The most active corn futures were unchanged at $5.30-1/2 a bushel, having closed down 0.7% in the previous session.

* The most active wheat futures were unchanged at $7.34 a bushel, having closed down 0.9% on Friday.

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* Investors wait for the US Agriculture Department’s production forecast on Tuesday.

* Favorable weather across the US Midwest aids harvesting of corn and soybean crops.

MARKET NEWS

* The dollar ticked up to a two-and-a-half-year high versus the yen on Monday after a soft US payrolls figure did little to alter market expectations that the US Federal Reserve will announce it will start tapering its massive bond-buying next month.

* Asian shares slipped on Monday as global inflation angst favored commodities as a hedge over US equities, while rising US bond yields lifted the dollar to two-and-a-half year peaks against the Japanese yen

(Reporting by Colin Packham; Editing by Amy Caren Daniel)



financialpost.com

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