May 22, 2018 / 2:12 AM / in 3 months

GRAINS-U.S. soybeans edge down from 11-day high on USDA planting report

    SYDNEY, May 22 (Reuters) - U.S. soybean futures edged lower
on Tuesday, retreating from an 11-day high as the U.S.
Department of Agriculture said planting was progressing ahead of
market forecasts, easing fears about possible yield losses.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.3 percent at $10.22-1/4 a bushel by 0142
GMT, having firmed 2.7 percent on Monday when prices hit $10.27
a bushel, the highest since May 10.
    * The most active corn futures were down 0.3 percent
to $4.01-3/4 a bushel, having gained 0.1 percent in the previous
session when prices hit a high of $4.07-1/2 a bushel - the
highest since May 4.
    * The most active wheat futures were down 0.2 percent
to $5.06-1/4 a bushel, having closed down 2.1 percent on Monday.
    * The U.S. Department of Agriculture said 81 percent of the
corn crop had been planted as of Sunday along with 56 percent of
the soybean crop, both slightly above analyst estimates.

    * Grain complex supported after U.S. Treasury Secretary
Steven Mnuchin said on Sunday the U.S. trade war with China is
"on hold" after the world's two largest economies agreed to drop
their tariff threats while they work on a wider trade agreement.

    * Orders for nearly 1 million tonnes of U.S. soybean exports
were cancelled last week, according to U.S. government data, as
cheap supplies from Brazil made U.S. cargoes less attractive to
buyers.
    * Rainy weather in the drought-hit Plains wheat belt
pressured prices for the grain while concerns about rain-delayed
Midwest plantings underpinned corn as showers chased farmers
from fields on Monday.
         
    MARKET NEWS  
    * The dollar traded below a five-month high against a basket
of currencies on Tuesday, catching its breath after a broad
rally inspired by rising U.S. bond yields and relief at an
easing of U.S.-China trade tensions.  
    * Oil prices rose on Tuesday amid worries that Venezuela's
crude output could drop further following a disputed
presidential election in the country and with potential
sanctions on the OPEC-member.  
    * U.S. stocks rose on Monday and gains in industrials helped
propel the Dow to a more than two-month closing high, after a
truce between the United States and China calmed fears that a
trade war might be imminent.  
    
    DATA AHEAD (GMT)
1400  U.S.        Richmond Fed composite index           May
        
 Grains prices at  0142 GMT
 Contract       Last   Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   506.25    -1.00   -0.20%       -2.32%   500.77   51
 CBOT corn    401.75    -1.00   -0.25%       -0.19%   397.98   58
 CBOT soy    1022.25    -3.00   -0.29%       +2.38%  1034.53   54
 CBOT rice     12.23   -$0.01   -0.04%       -0.81%   $12.91   31
 WTI crude     72.50    $0.26   +0.36%       +1.71%   $69.20   73
 Currencies                                                      
 Euro/dlr     $1.178  -$0.001   -0.05%       +0.08%              
 USD/AUD      0.7583    0.000   +0.03%       +0.96%              
 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)
  
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