Soybeans firm, set for second week of gains on strong demand
Soybeans eye weekly gains on robust demand for US supplies
Wheat firms, gains capped by improved weather in US Plains
Adds detail, updates prices
SINGAPORE/PARIS, Nov 1 (Reuters) -Chicago soybean futures rose for a third consecutive session on Friday, with the market on track for a weekly gain, on support from strong demand for U.S. cargoes.
Wheat and corn also rose.
"U.S. soybean and corn exports are booming which is providing support to prices," said one grains trader in Singapore. "U.S. prices for soybeans, corn and soymeal are among the cheapest in the world right now."
The most-active soybean contract on the Chicago Board of Trade Sv1 rose 0.7% to $10.01 a bushel, as of 1145 GMT, wheat Wv1 added 0.9% to $5.75-1/2 a bushel and corn Cv1 gained 0.4% to $4.12-1/4 a bushel.
For the week, soybeans are up more than 1.3%, rising for the second week in a row, and wheat is up 1.2% after losing ground last week. Corn is down 0.7% after a positive finish last week.
Strong export demand is supporting soybean futures despite U.S. farmers harvesting some of the largest crops in history.
The U.S. Department of Agriculture (USDA) reported export sales of U.S. soybeans and corn in the week ended Oct. 24 at 2.3 million metric tons each. Both were in line with trade expectations.
For wheat, rains hitting the U.S. Plains are providing much-needed moisture to the region, which was hit by dry weather. Drought was affecting 62% of the U.S. winter wheat crop as of Tuesday, up from 58% a week earlier, according to the U.S. Drought Monitor.
The European Commission on Thursday lowered virtually all its estimates for this year's grain crops in the European Union, which would lead to much tighter stocks at the end of the 2024-25 season in the 27-member bloc.
In supply and demand data, the Commission put this year's production of common wheat, or soft wheat, in the EU at 112.6 million metric tons, down two million from a month ago and 10% below the volume produced last year.
Algeria is believed to have purchased about 600,000 metric tons of milling wheat at around $263 a ton cost and freight included in an international tender that closed on Thursday, European traders said on Friday.
Traders suspected that much of the wheat would be sourced from the Black Sea region.
Argentine farms planted with corn could surpass the 6.3 million hectares (15.6 million acres) planned for the current crop due to fewer leafhopper insects plaguing the area, after recent harvests sustained major losses due to the bug, a major grains exchange said on Thursday.
Commodity funds were net buyers of CBOT soyoil futures contracts and net sellers of soymeal and wheat contracts on Thursday, traders said. Funds were net even in soybean and corn contracts. COMFUND/CBT
Reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Alan Barona, Sumana Nandy and Vijay Kishore
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.
