December 8, 2014 / 1:42 AM / 3 years ago

GRAINS-Soybeans dip but close to one-week high

SYDNEY, Dec 8 (Reuters) - U.S. soybean futures edged lower
for the first time in four sessions on Monday after touching a
one-week high in the previous session, supported by strong
export demand and firm soymeal prices.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade January soybeans edged down
0.2 percent to $10.34-1/2 a bushel, having firmed 2.5 percent on
Friday when prices hit a one-week high of $10.40-3/4 a bushel.
    * March corn was little changed at $3.93-3/4 a bushel,
having gained 1.3 percent in the previous session.
    * March wheat fell 0.7 percent to $5.89-3/4 a bushel,
having closed up 0.7 percent on Friday. 
    * Private exporters reported sales of 240,000 tonnes of U.S.
soybeans to unknown destinations for delivery in the current
2014/15 marketing year, the U.S. Department of Agriculture
(USDA) said on Friday.
    * Unconfirmed talk that China might loosen restrictions on
imports of U.S. distillers' dried grains raised suggestions of
tightening supply of U.S. feed ingredients and added to higher
soy prices, traders said.
    * Weekly export sales for corn and soybeans, reported by the
USDA on Thursday, beat market expectations at nearly 1.2 million
tonnes for each crop.  
    * Grain markets looked towards a monthly world crop report
from the USDA due on Dec. 10. Analysts expect USDA to trim its
forecast of U.S. 2014/15 soybean ending stocks and raise its
estimates of corn and wheat ending stocks. 
         
    MARKET NEWS  
    * The dollar started trade on Monday at its highest in over
five years against a basket of major currencies, having rallied
hard late last week on the back of a surprisingly robust U.S.
employment report.  
    * Oil prices fell by more than a dollar on Monday to near
their lowest levels since 2009 after Morgan Stanley cut its
price forecast for Brent, saying oversupply will likely peak
next year with OPEC deciding not to cut output.  
    
     DATA AHEAD (GMT)
     0200   China           Trade data                  Nov
     0700   Germany         Industrial output           Oct
     0930   Euro zone       Sentix index                Dec
     1500   U.S.            Employment trends           Nov 
  Grains prices at  0130 GMT
  Contract        Last    Change  Pct chg  Two-day chg MA 30   RSI 
  CBOT wheat     589.75    -4.25  -0.72%    +0.00%     554.95   67
  CBOT corn      394.75    -0.25  -0.06%    +1.28%     421.46   63
  CBOT soy      1034.25    -1.75  -0.17%    +2.35%    1028.06   57
  CBOT rice      $12.05   -$0.01  -0.12%    -0.58%     $12.22   39
  WTI crude      $65.05   -$0.79  -1.20%    -2.63%     $74.92   23
  Currencies                                                
  Euro/dlr       $1.230   $0.001  +0.11%    -0.63%
  USD/AUD         0.832   -0.001  -0.07%    -0.76%
  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