Wednesday, September 29

Soybeans rise on concerns over US crops


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CANBERRA — US soybean futures rose on Wednesday as concerns over the condition of crops due to recent unfavorable weather underpinned prices.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.5% to $13.66-3/4 a bushel by 0049 GMT, having closed little changed in the previous session.

* The most-active corn futures were up 0.2% to $5.47-1/4 a bushel, having closed little changed in the previous session.

* The most-active wheat futures were up 0.2% at $6.75-1/2 a bushel, having closed down 0.4% on Tuesday.

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* US corn and soybean crops deteriorated in the latest week from dryness in growing areas west of the Mississippi River, the US Department of Agriculture said on Monday.

* The agency said good-to-excellent ratings for corn fell by 1 percentage point to 64% in the week ended July 25, below market expectations.

* Russia’s southern region of Krasnodar, one of the country’s largest wheat producing and exporting areas, harvested a record grain crop of 12.4 million tonnes, its governor said on social media.

* In Europe, crop monitor MARS expected torrential rains that hit the western part of the bloc this month to have impaired crop quality rather than quantity.

MARKET NEWS

* The US dollar edged lower against a basket of peer currencies on Tuesday as investors awaited the outcome of this week’s two-day Federal Reserve policy meeting for any signals as to when the central bank will begin tapering its asset purchases.

* Oil prices held steady on Tuesday ahead of the release of US inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.

* US stocks fell from record highs on Tuesday while real US bond yields hit all-time lows, as a sell-off in Chinese shares, economic growth concerns and the Federal Reserve’s policy meeting put investors on guard and drove profit taking.

(Reporting by Colin Packham; Editing by Subhranshu Sahu)



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