May 30, 2017 / 1:46 AM / 2 months ago

GRAINS-Soybeans fall, hit 13-month low as South American production weighs

3 Min Read

    SYDNEY, May 30 (Reuters) - U.S. soybeans fell on Tuesday to
hit a fresh 13-month low as aggressive selling of record South
American production pushed the oilseed towards a third
consecutive daily loss.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.3 percent to $9.24 a bushel by 0127 GMT, near
the session low of $9.23 3/4 a bushel - the lowest since April
2016. Soybeans closed down 1.4 percent on Friday.
    * The most active corn fell 0.5 percent to $3.72-1/4 a
bushel, having gained 1.4 percent in the previous session.
    * The most active wheat fell 0.3 percent to $4.37 a
bushel, having closed up 1.7 percent on Friday. 
    * Record South American soybean production weighs on prices,
with Brazilian farmers looking to accelerate sales after a drop
in the local currency.
    * Wheat draws some support from recent wet weather across
key growing regions, which may damage maturing crops.
         
    MARKET NEWS  
    * Brazilian farmers are rushing to sell soybeans after a 7
percent drop in the real currency made their supplies more
affordable than exports from the United States.  
    * U.S. crude oil prices rose towards $50 per barrel on
Tuesday as a strong start to the summer driving season in the
United States suggested strong fuel demand in months ahead.
  
    * U.S. stocks ended little changed on Friday ahead of the
long holiday weekend, though indexes ended a two-week streak of
losses and consumer shares were strong for a second day.  
    
    DATA AHEAD (GMT) 
0530  France            Detailed GDP                      Q1 
0600  Germany           Import prices                     Apr 
0645  France            Consumer confidence               May 
0645  France            Consumer spending                 Apr 
0900  Euro zone         Business climate                  May 
1200  Germany           Consumer prices                   May 
1230  U.S.              Personal income                   Apr 
1300  U.S.              S&P/Case-Shiller housing index    Mar 
1400  U.S.              Consumer confidence               May
        
 Grains prices at  0127 GMT
 Contract      Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  437.00    -1.25    -0.29%        +1.45%  433.30    64
 CBOT corn   372.25    -2.00    -0.53%        +0.81%  369.61    56
 CBOT soy    924.00    -2.50    -0.27%        -1.65%  960.02    26
 CBOT rice    10.91   -$0.06    -0.59%        -0.18%  $10.28    61
 WTI crude    49.87    $0.07    +0.14%        +1.98%  $48.97    54
 Currencies                                                       
 Euro/dlr    $1.113  -$0.003    -0.30%        -0.47%              
 USD/AUD     0.7427   -0.001    -0.12%        -0.26%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below