Friday, December 3

Soybeans fall to 3-week low on bumper global stockpiles


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CANBERRA — US soybean futures fell on Monday for a fourth consecutive session as ample global supplies pushed prices to a three-week low.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $12.04-1/4 a bushel, as of 0158 GMT, near the session low of $12.02 a bushel – the lowest since Oct 15. Soybeans closed 1.4% lower on Friday.

* The most active corn futures were down 0.2% at $5.52 a bushel, near the session low of $5.50-3/4 a bushel – the lowest since Oct 27. Corn closed down 1.1% on Friday.

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* The most active wheat futures were down 0.2% at $7.64-3/4 a bushel, near the session low of $7.62-1/2 a bushel – the lowest since Oct 28. Wheat closed 0.9% lower on Friday.

* Market eyes next US Department of Agriculture (USDA) supply-demand reports on Tuesday. Market expects the USDA to raise US harvest forecasts for corn and soybeans.

* Wheat supported by global supply concerns as dry growing conditions in Russia and Ukraine threatened recently sown winter crops after poor spring harvests this year.

* Global wheat demand continues to be strong with higher-than-expected purchases by top buyers.

MARKET NEWS

* The dollar made a steady start to the week on Monday but was kept below Friday peaks, as currency traders seek a path between markets’ volatile interest rate projections and central bankers vowing to keep rates low even as inflation surges.

* Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies.

(Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)



financialpost.com

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