Corn and soy edge up on pre-Thanksgiving positioning
Corn, soy futures gain support from pre-holiday positioning
Wheat loses Tuesday's technical bounce
Updates with midday prices
By Heather Schlitz
CHICAGO, Nov 27 (Reuters) - Chicago Board of Trade corn and soybean futures inched up on Wednesday on technical buying and as investors adjusted positions ahead of Thursday's Thanksgiving Day holiday.
A drop in the dollar .DXY, which makes U.S. exports more competitive, also lent support to futures.
Chicago wheat futures edged lower as a technical bounce from the previous session petered out in the face of improving crop prospects in major production zones worldwide.
CBOT soybeans Sv1 were up 3 cents to $9.86-1/2 a bushel and corn Cv1 gained 1/4 cent to $4.28-1/4 a bushel as of 11:40 a.m. CST (1640 GMT).
The most-active wheat contract Wv1 was down 10-1/4 cents at $5.47-3/4 per bushel.
U.S. commodities markets will be closed on Thursday for the Thanksgiving holiday and will re-open for an abbreviated session on Friday, with trading closing at 12:05 p.m. CST.
"We're in holiday mode, and there's a lot of positioning going on," Darin Fessler, analyst at Lakefront Futures, said.
Regular rain in Brazil and Argentina in recent weeks has boosted prospects for the next corn and soybean harvests and kept a ceiling on prices.
Rainfall in the Black Sea region has also easeddrought concerns in the major wheat-growing area whilea drier spell in western Europe this month has helped farmers catch up on sowing.
Expectations of large volumes in ongoing harvests in Australia and Argentina were also offsetting concerns that availability of Russian and Ukrainian wheat may soon subside.
Traders continued to assessthe possible impact of U.S. President-elect Donald Trump's threat of tariffs against major trading partners when he takes office on Jan. 20.
Trump said on Monday he would impose a 25% tariff on U.S. imports from Canada and Mexico, as well as a new 10% tariff on imports from China, raising the risk of retaliatory tariffs.
Reporting by Heather Schlitz in Chicago. Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sumana Nandy, Ros Russell and Chris Reese
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
