Soybeans ease from two-week high; corn, wheat down on supply pressure
SINGAPORE, Aug 28 (Reuters) -Chicago soybean futures slid for the first time in four sessions on Wednesday, after climbing to a two-week high in the previous session on concerns over hot weather in the U.S. Midwest hurting this year's potential record crop.
Corn and wheat edged lower, after closing higher on Tuesday, with ample world supplies adding pressure on prices.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% at $9.86 a bushel, as of 0055 GMT, after climbing on Tuesday to its highest since Aug. 12 at $9.92 a bushel.
* Corn Cv1 fell 0.3% to $3.91-1/2 a bushel and wheat Wv1 gave up 0.3% to $5.33-3/4 a bushel.
* Worries over a heatwave and lack of rainfall in large parts of the U.S. Midwest underpinned prices in the last few sessions as it could damage the soybean crop during its key development stage.
* However, the extreme heat in the central U.S. was expected to moderate as the week progresses, according to Commodity Weather Group.
* The U.S. Department of Agriculture weekly crop progress and condition report, released on Monday after trading ended, showed corn, soybean and wheat ratings below analysts' expectations.
* The government agency rated 65% of the U.S. corn crop as "good to excellent", down from 67% the prior week, while analysts surveyed by Reuters on average had expected only a one-point drop.
* Argentine farmers are likely to plant more soybeans in the current 2024/25 season, trimming the area dedicated to corn after that crop's last harvest was hit by a devastating insect plague and with rain forecasts looking rosier for soy.
* China's COFCO International expects the area planted with soybeans in Brazil to grow in 2024/25 at its slowest pace in a decade when compared to the previous season, a top executive at the firm told Reuters.
* Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts, and were net sellers of soyoil futures contracts on Tuesday, traders said. COMFUND/CBT
MARKET NEWS
* A gauge of global shares climbed in choppy trading while oil prices slipped on Tuesday as investors weighed geopolitical risks as well as impending Nvidia earnings and U.S. inflation data. MKTS/GLOB
DATA/EVENTS (GMT)
1000 France Unemp Class-A SA July
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
