SINGAPORE, April 12 Chicago soybean futures rose
on Wednesday to move away from a one-year low hit the session
before when the U.S. government lifted its estimates for global
Corn and wheat edged higher on bargain-buying, although
forecasts of abundant supplies kept a lid on markets.
* The soybean market is struggling under the pressure of a
global supply glut. The U.S. Department of Agriculture raised
its forecast of global soybean stocks at the end of the 2016-17
marketing year to 87.41 million tonnes, from 82.82 million in
March and well above an average of trade estimates for 83.91
* The figure reflected rising crop estimates for South
America's soy harvest. The agency pegged Brazil's crop at 111
million tonnes, up from the 108 million it estimated last month.
* Brazil's agricultural statistics agency Conab also raised
its estimate of the soybean crop to 110.2 million tonnes, from
107.6 million in March.
* Corn futures also faced pressure from rising estimates on
South America's corn output.
* The USDA left its forecast of U.S. 2016-17 corn exports
unchanged at 2.225 billion bushels.
* The USDA raised its forecasts for U.S. and global wheat
inventories at the end of the 2016-17 marketing year. The
government bumped up its forecast of domestic wheat ending
stocks to 1.159 billion bushels, a near 30-year high.
* A sunny week ahead in Argentina's Pampas grains belt
should allow farmers to resume corn and soy harvesting that was
interrupted over recent days by heavy rains, local
meteorologists said on Tuesday.
* Some 700,000 hectares of prime soybean and corn area have
been lost to bad weather in the 2016/17 crop year, according to
the Buenos Aires Grains Exchange. Harvesting combines got stuck
in soggy ground over recent days while cargo trucks were delayed
by flooded roads.
* Commodity funds were net sellers of CBOT corn and soybean
futures contracts on Tuesday and net buyers of wheat, traders
* Investors ducked for cover on Wednesday as a drumbeat of
alarming geopolitical news sent the safe-haven yen and gold to
five-month highs and yields on top-rated sovereign bonds to
their lowest for the year so far.
DATA AHEAD (GMT)
0130 China PPI March
0130 China CPI March
0600 Germany Wholesale prices March
0830 U.K. ILO unemployment rate Feb
1230 U.S. Import prices March
Grains prices at 0112 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 434.00 0.75 +0.17% +2.36% 433.88 64
CBOT corn 368.25 1.75 +0.48% +2.43% 365.39 61
CBOT soy 949.25 10.00 +1.06% +0.77% 987.23 40
CBOT rice 10.21 -$0.06 -0.58% -0.24% $9.85 73
WTI crude 53.59 $0.19 +0.36% +2.58% $50.18 81
Euro/dlr $1.061 $0.002 +0.21% -0.30%
USD/AUD 0.7490 -0.001 -0.07% -0.73%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)